You would like to have $72,000 in 12 years. You plan to deposit an equal sum in the bank each year that will earn 9% interest compounded annually. Your first payment will be made at the end of the year (All to the nearest cent):

1. How much must you deposit annually to accumulate this amount?
2. If you decide to take a lump-sum deposit today instead of the annual payments, how large should the deposit be assuming you can earn 9% on deposit?
3. If you deposit $10,000 received at the end of year 5 in the bank account, how much will it grow in the account at the end of year 12?
4. In addition to the lump sum deposit, how much must you invest in 12 equal annual deposits to reach your goal assuming you can earn 9% on this deposit?