Lima Nursing Home is investing in a restricted fund for a new assisted living home that will cost $16 million. How much does it need to invest each year to have $16 million in fifteen years:

a. If the expected rate of return on the investment is 7 percent, and the hospital invests at the end of each year?

b. If the expected rate of return on the investment is 7 percent, and the hospital invests at the beginning of each year?