(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 (iii)

answer both questions.

2) At what rate must $287.50 be compounded annually for it to grow to $625.75 in 10 years (round your answer to two decimal places)? 3) How much money must be put into a new bank account yielding 7.54\%, compounded annually, in order to have $2,671 at the end of 15 years (round your answer to two decimal places)