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You need $25,356 at the end of 9 years, and your only investment outlet is...

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Accounting

You need $25,356 at the end of 9 years, and your only investment outlet is an 9 percent long-term certificate of deposit (compounded annually). With the certificate of deposit, you make an initial investment at the beginning of the first year. Use Appendix B and Appendix C for an approximate answer, but calculate your final answer using the formula and financial calculator methods.

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a.What single payment could be made at the beginning of the first year to achieve this objective? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

b. What amount could you pay at the end of each year annually for 9 years to achieve this same objective? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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