A) You deposit $1,600 into an account that pays 5% per year. Your plan is to withdraw this amount at the end of 5 years to use for a down payment on a new car. How much will you be able to withdraw at the end of 5 years? Round your answer to the nearest cent. Do not round intermediate calculations.

B) Today, you invest a lump sum amount in an equity fund that provides an 10% annual return. You would like to have $10,900 in 6 years to help with a down payment for a home. How much do you need to deposit today to reach your $10,900 goal? Round your answer to the nearest cent. Do not round intermediate calculations.