QUESTION $1$

Luca has nothing saved for college. He will need to pay $$28,000$ per year to the school for $5$ years. The first of these payments will be made in $9$ years. Luca can earn $5\mathrm{.}00$ percent per year. How much does Luca need to save each year for $8$ years to have exactly enough to pay for his education if he makes his first savings contribution later today and all savings contributions are equal?

QUESTION $2$

Dat is planning to save $$176\mathrm{.}94$ every quarter for $7$ years. He plans to make his first savings contribution in $3$ months from today. If he currently has $$2,000$ saved and expects to have $$10,000$ in $7$ years from today, then what is the EAR that he expects to earn? Answer in decimal format, rounded to the nearest hundredth of a percent $($for example, $1\mathrm{.}23\%$ would be entered as $0\mathrm{.}0123).$

Click Save and Submit to save and submit. Click Save All Answers to save all answers.