A local furniture store is advertising a deal in which you buy a $$2,400$ dining room set and do not need to pay for two years $($no

Interest cost is incurred$).$

How much money would you have to deposit now in a savings account earning $4$ percent APR, compounded monthly, to pay the

$$2,400$ bill in two years?

How much would you have to deposit in the savings account each month earning $4$ percent APR to be able to pay the bill?

Note: Do not round Intermedlate calculations and round your final answer to $2$ decimal places.