Vi:Bakerwants to buy a yacht after 10 years. The current price of the yacht is $980,000. Expected inflation.rate is 3%. Baker currently has $200,000 in a bank account that pays 10% interestrate on a semiannual basis. Baker wants to save for the balance by making semiannual payments io his bank account, with payments being made end of each period. 1) Compute the amount of the payments. 2) No Foury years later, Bakeridecided to buy a larger yacht which will cost $2 million. Also, he withdrew $52,000 end of year six and deposited $40,000 'end of year eight. Baker deposited the amount computed in part one the rest of the periods: Compute the last two payments he has to make in order to buy the yacht