1) Sara has just graduated from college. She has determined that to purchase a home in 15 years she needs to accumulate $32,600 for a down payment. If Sara can earn 9% per year on her savings, what is the amount of the annual annuity payment that Sara must make at the end of each year for 15 years?

Amount of the annual annuity payment?

2) Sheridan Company earns 9% on an investment that pays back $83,200 at the end of each of the next 4 years

What is the amount Sheridan Company invested to earn the 9% rate of return?