Computing Annuity Amounts Under Different Situations

Answer the questions to the following two separate scenarios.

For #$1,$ enter the percent rounded to two digits after the decimal; enter $2\mathrm{.}04$ for $2\mathrm{.}044\%$ or $2\mathrm{.}05$ for $2\mathrm{.}045\%.$

For #$2,$ round your answer to the nearest whole number.

$1.$ Oliver Inc. plans to establish a debt retirement fund, beginning December $31$ of Year $1.$ Answer $1$

Four annual contributions of $$18,600$ are made to a trustee beginning December $31$ of Year $1,$ so that the

desired amount of $$90,120$ is available in four years, on December $31$ of Year $5.$ Compute the

required interest rate that must be earned by the fund on an annual basis to satisfy these requirements.

$2.$ Polus Inc. decides to create a plant expansion fund by making equal annual deposits of Answer $2$

$$18,000$ on each January $1.$ Interest at $10\%$ compounded annually is added to the fund balance

each year$-$end. How many deposits are required to accumulate a fund of $$313,077?$