Answer each of the following independent questions. Ignore personal income taxes. Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.)

3. In four years, you would like to buy a small cabin in the mountains. You estimate that the property will cost you $68,500 when you are ready to buy. How much money would you need to invest each year in an account bearing interest at the rate of 4 percent per year in order to accumulate the $68,500 purchase price? (Round your answer to 2 decimal places.)

Required investment per year

4. You have estimated that your educational expenses over the next four years will be $14,600 per year. How much money do you need in your account now in order to withdraw the required amount each year? Your account bears interest at 6 percent per year.(Round your answer to 2 decimal places.)

Amount required