You Need

You need $25,356 at the end of 9 years, and your only investment outlet is an 9 percent long-term certificate of deposit (compounded annually). With the certificate of deposit, you make an initial investment at the beginning o he first year. Use p en and p en ? for an approximate answer, but a culate our na an er using e orm aan financial a culator methods a. What single payment could be made at the beginning of the first year to achieve this objective? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Single payment made b. What amount could you pay at the end of each year annually for 9 years to achieve this same objective? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Amount to be paid