21)If you want to have $875 in 3 years, how much money must you put in a savings account today? Assume that the savings account pays 16% and it is compounded annually.

22) You deposit $5,000 today in an account drawing 12% compounded annually. How much will you have in the account at the end of 2 years?

23) To complete your last year in business school and then go through law school, you will need $10,000 per year for four years, starting next year (that is, you will need to withdraw the first $10,000 one year from today). Your rich uncle offers to put you through school, and he will deposit a sum of money in a bank paying 7 percent interest. The sum is sufficient to provide the four payments of $10,000 each, and his deposit will be made today

a. How large must the deposit be?

b. How much will be in the account immediately after you make the first withdrawal?