8. A company needs $100,000 to retire bonds on December 31, 2020. What amount must be deposited on January 1 of each year starting on January 1, 2016 in a sinking fund account that is expected to earn 8% interest in order to accumulate the funds needed to retire the bond? What amount would need to be deposited semi-annually in the same account on January 1 and July 1 each year starting January 1, 2016 to retire the bond?