Question: You want to receive $450 at the end of each year for 2 years. Interest is 6.1% compounded annually. (a) How much would you have

You want to receive $450 at the end of each year for 2 years. Interest is 6.1% compounded annually.

(a) How much would you have to deposit at the beginning of the 2-year

period?

(b) How much of what you receive will be interest?

(a) The deposit is___

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

(b) The interest is___

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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