Deposits to accumulate future sums For the case shown in the following table, determine the amount of the equal, end-of-year deposits necessary to accumulate the given sum at the end of the specified period, assuming the stated annual interest rate. (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Sum to be accumulated $4,200 Accumulation period (years) 4 Interest rate 8% The amount of the end-of-year annual deposit is $ (Round to the nearest cent.) Accumulating a growing future sum Personal Finance Problem A retirement home at Deer Trail Estates now costs $145,000. Inflation is expected to cause this price to increase at 7% per year over the 21 years before C. L. Donovan retires. If Donovan earns 11% on his investments, ow large must an equal, end-of-year deposit must be to provide the cash needed to buy the home 21 years from now? (Round to the nearest The equal, annual end-of-year deposit to be made each year into the account is $ cent.) Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He has found one priced at $37,000. The dealer has told Tim that if he can come up with a down payment of $7,300, the dealer will finance the balance of the price at a 6% annual rate over 2 years (24 months). (Hint: Use four decimal places for the monthly interest rate in all your calculations.) a. Assuming that Tim accepts the dealer's offer, what will his monthly (end-of-month) payment amount be? b. Use a financial calculator or spreadsheet to help you figure out what Tim's monthly payment would be if the dealer were willing to finance the balance of the car price at an annual rate of 3.2%? a. Tim's monthly (end-of-month) payment amount is $ (Round to the nearest cent.) Rate of return Personal Finance Problem Rishi Singh has $2,100 to invest. His investment counselor suggests that Rishi should buy an investment that pays no interest but will be worth $2,600 after 10 years. a. What average annual rate of return will Rishi earn with this investment? b. Rishi is considering another investment, of equal risk, that earns an annual return of 0.16% . Which investment should he make, and why? a. The annual rate of return Rishi will earn with this investment, r, is %. (Round to two decimal places.) Rate of return-Annuity What is the rate of return on an investment of $8,178 if the investor will receive $2,000 each year for the next 7 years? The rate of return on the investment, r, is %. (Round to two decimal places.)