8. You purchased a new automated packaging system and want to set aside enough money in a savings account to pay the maintenance for the first 3 years. You have estimated the maintenance cost for the packaging system as follows: Year Maintenance Cost 1 $10,000 $20,000 3 $30,000 Assume that maintenance costs occur at the end of the year and that your savings account pays 6% interest, how much should you deposit in the bank now? Diagram the cash flows; solve both mathematically and using the compound interest tables, prove your solution is correct by taking your answer and working backwards, using your solution, construct a table that includes balances, and interest; and explain your solution. (10 pts) 9. You borrowed $5,000 and will pay it back with four equal installments over a period of 2 years. However, your first installment will not be due until 5 years from now. The loan has an interest rate of 12% compounded semiannually (5 pts). Calculate the following: a. The effective interest rate b. The amount of each payment. c. The total interest paid. 8. You purchased a new automated packaging system and want to set aside enough money in a savings account to pay the maintenance for the first 3 years. You have estimated the maintenance cost for the packaging system as follows: Year Maintenance Cost 1 $10,000 $20,000 3 $30,000 Assume that maintenance costs occur at the end of the year and that your savings account pays 6% interest, how much should you deposit in the bank now? Diagram the cash flows; solve both mathematically and using the compound interest tables, prove your solution is correct by taking your answer and working backwards, using your solution, construct a table that includes balances, and interest; and explain your solution. (10 pts) 9. You borrowed $5,000 and will pay it back with four equal installments over a period of 2 years. However, your first installment will not be due until 5 years from now. The loan has an interest rate of 12% compounded semiannually (5 pts). Calculate the following: a. The effective interest rate b. The amount of each payment. c. The total interest paid