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Starting next year, you will need $10,000 annually for 4 years to complete your education. (One year from today you will withdraw the first $10,000.) Your uncle deposits an amount today in a bank paying 7% annual interest, which will provide the needed $10,000 payments.

1. How large must the deposit be? Do not round intermediate calculations. Round your answer to the nearest cent.

   $

2. How much will be in the account immediately after you make the first withdrawal? Do not round intermediate calculations. Round your answer to the nearest cent.

   $