(Solved): a. You want to save $100,000 for a condo that you want to purchase for your mom 4 years after your ...

a. You want to save $100,000 for a condo that you want to purchase for your mom 4 years after your graduation. When you graduate, what monthly amount would you need to deposit at the beginning of each month if the investment account that you are using to save earns an 8% per annum return? Write the formula and the value in the space for the answer to this question. b. You have set up a charity in which you and your friends contributed $200000 in donations. The investment earns 8% per year. You have promised to donate money to a school every quarter for 4 years. Calculate the payment that can be made quarterly to the school if the payment is made at the end of each quarter. Write the formula and amount that can be paid quarterly in the space for the answer to question 2. (6+6)