1 You need $24,456 at the end of 10 years, and your only investment outlet is an 8 percent long-tentir certificate 2 of deposit (compounded annually). With the certificate of deposit, you make an initial investment at the beginning 3 of the first year. 4 5 a. What single payment could be made at the beginning of the lirst year to achieve this objective? 6 b. What amount could you pay at the end of each year anmally for 10 years to achieve this same objective? 7 8 9 10 Solution 11 Problem 9-30 12 Instructions 13 14. Use the MS Excel PV function in part a and enter a formula in part b to solve the requirements of this problem. 15 16