You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit $36,000 at the end of each year for the next 8 years. You expect to earn 12 percent each year.

Required:

1. Determine how much you will have saved after 8 years.

2. Determine the amount saved if you were able to deposit $38,000 each year.

3. Determine the amount saved if you deposit $36,000 each year, but with 14 percent interest