nent-using Hinanal statements and Budgets 9. The time value of money Consider the following scenarios DelMonico Family The DeMonicos have saved s5,000 towards their goal to have $35,000 for a down payment on a house in 6 years. They wm put the ss,000 in an accovt along wit, money they will deposit annual. 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 wa pay 8% interest. Decker Family The Deckers have set a goal to have $35,000 for a down payment on a house in 6 years Thay have not saved anything so far They have asked you to calculate how much they wa need to put away each year to achieve-, 135,000 down-payment gea They harve found savings institution that will pay interest. Use the scenerios slong with the folowing factor table dets to anwer each of the questions. Note that the complete Future Value and Future vaie Annuilty tabies (es well as the Precent value and Present Value Aenuity tebies) are lacated in the appendix in your text of Future Vv 1.050 1.060 .000 O Type here to search 2 Ch 02 Assignment-Using Financial Statements and Budgets the scenarios along with the following factor table data to answer each of the questions, Note that the complete Puture Value and nnuity tabies (es well as the Present Value and Present Valse Annuity tables) are located in the appendix in your text Future Value Future Value Table of Future Value Facters: Interest Rate Year 6% 8% 1050 1.060 1.000 21.102 1.120 1.166 3 1.150 1.190 1.260 4 1.216 1.260 1360 5 1.276 1.340 1.469 61.340 1.420 1587 1.477 1.590 .5 1 1.629 1.790 2.159 Table of Future Value Annuity Factors 1000 1.000 1.000 2 2.050 2.060 2.00 3 3.152 3.30 3.246 4 4310 380 4.506 5.526 5.63067 6 6.802 970 7.336 549 9.89010.637 10 12 578 13.180 14.487 O Type here to search .802 6.970 7.336 8 9.549 9.890 10.637 10 12.578 13.180 14.487 What is the amount of money the DelMonicos will need to deposit annualy (rounded to the nearest two decimal places) to achieve their down- payment goal? What is the amount of money the Deckers will need to deposit annually (rounded to the nearest two decimal places) to achieve their down-payment goal? Grade It Nowave Continue Continue wthout saving O Type here to search