You are thinking about buying a piece of art that costs $30,000. The art dealer is proposing the following deal: He will lend you the money, and you will repay the loan by making the same payment every two years for the next 10 years (i.e., a total of 5 payments). If the interest rate is 7% per year, how much will you have to pay every two years? Every two years the payment is $ (Round to the nearest dollar.) You have just turned 22 years old, received your bachelor's degree, and accepted your first job. Now you must decide how much money to put into your retirement plan. The plan works as follows: Every dollar in the plan earns 7.1% per year. You cannot make withdrawals until you retire on your 65 th birthday. After that, you can make withdrawals as you see fit. You decide that you will plan to live to 100 and work until you furn 65 . You estimate that to live comfortably in retirement, you will need $115,000 per year, starting at the end of the first year of retirement and ending on your 100th birthday. You will contribute the same amount to the plan at the end of every year that you work. How much do you need to contribute each year to fund your retirement? Your annual contribution shouid be $ (Round to the nearest cent.)