Anthony inherited an annuity worth $4,026.36 from his uncle. The annuity will pay him seven equal payments of $800 at the end of each year. The annuity fund is offering a return of .

Anthonys friend, Jack, wants to go to business school. While his father will share some of the expenses, Jack still needs to put in the rest on his own. But Jack has no money saved for it yet. According to his calculations, it will cost him $29,296 to complete the business program, including tuition, cost of living, and other expenses. He has decided to deposit $4,200 at the end of every year in a mutual fund, from which he expects to earn a fixed 6% rate of return. It will take approximately years for Jack to save enough money to go to business school.