6. [-75 Points] DETAILS HARMATHAP12 6.4.019. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER What amount must be set aside now to generate payments of $20,000 at the beginning of each year for the next 11 years if money is worth 5.89%, compounded annually? (Round your answer to the nearest cent.) Need Help? Read It Watch It Talk to a Tutor 7. [-75 Points] DETAILS HARMATHAP12 6.4.020. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Suppose an annuity will pay $20,000 at the beginning of each year for the next 8 years. How much money is needed to start this annuity if it earns 7.7%, compounded annually? (Round your answer to the nearest cent.) $ Need Help? Read It Watch It Talk to a Tutor