4. A developer sells a small lot that he had owned for $220,000. He deposited the money into an account that pays 4.2% compounded quarterly. In five years, he plans to use the money in the account to pay off a debt. How much money will he have? 5. How much money would you have to deposit in an account today in order to have $18,650 in the account in 8 years? The account pays interest at 7.5% compounded annually