A. To pay for your child's education, you wish to have accumulated $12,000 at the end of 8 years. To do this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 13 percent compounded annually, how much must you deposit each year to obtain your goal?

B. How long will it take to pay off a loan of $49,000 at an annual rate of 11 percent compounded monthly if you make monthly payments of $600? Use five decimal places for the monthly percentage rate in your calculations.