1.It is now January 1, 2019, and you will need $1,000 on January 1, 2023, in 4 years. Your bank compounds interest at an 8% annual rate.

How much must you deposit today to have a balance of $1,000 on January 1, 2023?

2.It is now January 1, 2019, and you will need $1,000 on January 1, 2023, in 4 years. Your bank compounds interest at an 8% annual rate.

If you want to make four equal payments on each January 1 from 2020 through 2023 to accumulate the $1,000, how large must each payment be? (Note that the payments begin a year from today.)