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(Future value of an annuity) In 7 years, you are planning on retiring and buying a house in Oviedo, Florida The house you are looking

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(Future value of an annuity) In 7 years, you are planning on retiring and buying a house in Oviedo, Florida The house you are looking at currently costs $80,000 and is expected to increase in value each year at a rate of 6 percent. Assuming you can earn 9 percent annually on your investments, how much must you invest at the end of each of the next 7 years to be able to buy your dream home when you retire? a. If the house you are looking at currently costs $80,000 and is expected to increase in value each year at a rate of 6 percent, what will the value of the house be when you retire in 7 years? (Round to the nearest cent.) b. Assuming you can earn 9 percent annually on your investments, how much must you invest at the end of each of the next 7 years to be able to buy your dream home when you retire? \& (Round to the nearest cent)

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