DelMonico Family

The DelMonicos have saved $$5,000$ towards their goal to have $$55,000$ for a down payment on a house in $5$ years.

They will put the $$5,000$ in an account along with money they will deposit annually. They don't know how much that annual deposit should be$,$ so they've asked you to calculate it$.$

They have found a savings institution that will pay $8\%$ Interest.

Decker Family

The Deckers have set a goal to have $$55,000$ for a down payment on a house in $5$ years.

They have not saved anything so far.

They have asked you to calculate how much they will need to put away each year to achieve their $$55,000$ down$-$payment goal.

They have found a savings institution that will pay $8\%$ interest.

Future Value Factors:

interest Rate

$\backslash$table$[[$Year$,5\%,6\%,8\%$