Answer both questions:

(i)develop the timeline for the problem

(ii)Identify the time value of money variable that needs to be solved calculated: Present Value (PV)

(iii) Values of the remaining variables:

(iv) Calculation: using the inputs in steps used in (iii)

4) Cliff deposited $9,000 in a brokerage account, and 10 years later he closes out the account, which is worth $20,500. What annual rate of interest has he earned over the 10 years (round your answer to two decimal places)? 5) How much money do you need to place into a bank account that pays a 0.08% rate in order to have $500 at the end of 9 years (round your answer to two decimal places)