2. Solve the following:

a) Mr. Savum borrowed $4,500 with a promise to make 10 equal annual payments starting one year from now. How much will his payment be if the interest rate is 20% per year? (CRF)

b) If Ms. James wants to have $8,000 in her account 8 years from now, how much money will she need to deposit every year, starting one year from now, if the interest rate is 9% per year? (SFF)

Please show steps and formula.