(PLEASE SHOW ALL WORK AND VALUES)

(PLEASE SHOW ALL WORK AND VALUES)

33) Tony is offering two repayment plans to Phil for a long overdue loan. Offer 1 is to receive a visit from an enforcer and the debt is due in full at once. Offer 2 is to pay back 3,900 per year at a 20% interest rate until Phil pays off the loan principal. Phil owes Tony $15,000. How long will it take Phil to pay off the loan if he takes offer 2? 34) Your grandfather will sell you a piece of beachfront property for $72,500. He says the price is firm whenever you can pay him cash. You know your finances will allow you to save only $5,000 a year and you can make 8% on your investment. If you invest faithfully every year at the end of the year, how long will it take you to accumulate the necessary $72,500 future cash for the beachfront property