A local furniture store is advertising a deal in which you buy a $5,200 living room set with three years before you need to make any payments (no interest cost is incurred).

How much money would you have to deposit now in a savings account earning 5 percent APR, compounded monthly, to pay the $5,200 bill in three years?(Do not round intermediate calculations and round your finalanswer to 2 decimal places.)

Present value$

How much would you have to deposit in the savings account each month to be able to pay the bill?(Do not round intermediate calculations and round your finalanswer to 2 decimal places.)

Annuity payment$