Situation $2$: Mr$.$ Franklin wants to save for a new sports car that he expects

will cost $$38000$ four and one$-$half years from now.

a$.)$ How much money will he have to save each year and deposit in a

savings account that pays $6\mathrm{.}25\%$ per year, compounded annually, to buy

the car in four and one$-$half years?

A$.$ $$8746\mathrm{.}57$

B$.$ $$8537\mathrm{.}28$

C$.$ $$8654\mathrm{.}32$

D$.$ $$8472\mathrm{.}89$

b$)$ Suppose that Mr$.$ Franklin makes a deposit at the beginning of each

year, rather than at the end. How much money must be deposited each

year?

A$.$ $$6680\mathrm{.}42$

B$.$ $$6753\mathrm{.}27$

C$.$ $$6658\mathrm{.}73$

D$.$ $$6707\mathrm{.}50$