Quantitative Problem $1$: You deposit $$2,200$ into an account that pays $4\%$ per year. Your plan is to withdraw this amount at the end of $5$ years to use for a down payment on a new car. How much will you be able to withdraw at the end of $5$ years? Do not round intermediate calculations. Round your answer to the nearest cent.

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Review the FV definition and its equation.

Be careful about the order of mathematical operations if using the equation.

If using a financial calculator, be careful about the meaning of the negative sign and remember to include PMT $=0($or be sure to clear all registers before starting this problem$).$

Quantitative Problem $2$: Today, you invest a lump sum amount in an equity fund that provides an $9\%$ annual return. You would like to have $$10,400$ in $6$ years to help with a down payment for a home. How much do you need to deposit today to reach your $$10,400$ goal? Do not round intermediate calculations. Round your answer to the nearest cent.

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