Question: help solve this! TY Comprehensive problem) You would like to have $70,000 in 16 years. To accumulate this amount, you plan to deposit an equal

help solve this! TY

in 16 years. To accumulate this amount, you plan to deposit an

equal sum in the bank each year that will earn 8 percent

interest compounded annually. Your first payment will be made at the end

Comprehensive problem) You would like to have $70,000 in 16 years. To accumulate this amount, you plan to deposit an equal sum in the bank each year that will earn 8 percent interest compounded annually. Your first payment will be made at the end of the year a. How much must you deposit annually to accumulate this amount? b. If you decide to make a large lump-sum deposit today instead of the annual deposits, how targe should the lump sum deposit be? (Assume you can earn 8 percent on this deposit) c. At the end of year 5, you will receive $20,000 and deposit it in the bank in an effort to reach your goal of $70,000 at the end of year 16. In addition to the lump sum deposit, how much must you invest in 16 equal annual deposits to reach your goal? (Again, assume you can earn 8 percent on this deposit) a. How much must you deposit annually to accumulate this amount? (Round to the nearest cent) (Related to Checkpoint 6.2) (Present value of annuity payments) The state lottery's million dollar payout provides for $12 million to be paid in 20 installments of 560.000 per payment. The first $60,000 payment is made immediately, and the 19 remaining $60,000 payments occur at the end of each of the next 19 years. If 12 percent is the discount rate what is the present value of this stream of cash flows? If 24 percent is the discount rate what is the present value of the cash flows? a. It 12 percent is the discount rate, the present value of the annuity due is $ (Round to the nearest cent) (Present value of an annuity due) Determine the present value of an annuity due of 54.000 per year for 25 years discounted back to the present at an annual rate of 11 percent What would be the present value of this annuity due if it were discounted at an annual rate of 16 percent a. If the annual discount rate is 11 percent, the present value of the annuity due is 5 (Round to the nearest cent) Related to Checkpoint 6,4) (Present value of a perpetulty) What is the present value of a $55 perpetuity discounted back to the present at 9 percent? The present value of the perpetuity is $ (Round to the nearest cent)

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