Carfly Barbers wants to have $ 200,000 in 10 years to build a second barbershop 10 years from today. Commencing two years from today, Carfly will make eight annual deposits of $ 18,000 at the end of each year. Alternatively, the company can invest in a financial instrument earning 9%, compounded annually. Answer the following questions:
a. Will Carfly have sufficient funds to pay for the $ 200,000 barbershop at the end of the 10- year period if the deposits are made at the end of the year?
b. Will Carfly have sufficient funds to pay for the $ 200,000 barbershop at the end of the 10- year period if the deposits are made at the beginning of each year?