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(1.6) You have decided to save for a vacation home that you plan to buy...

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Accounting

(1.6) You have decided to save for a vacation home that you plan to buy 20 years from nowYou have decided that you want to spend no more than $ 500,000 on the home. Assuming that you can earn an interest rate of 6.2% annually and you do not plan to add money to the account after the initial deposit that you will make todayhow much do you have to deposit now in order to reach your goal? (1.5) You have decided to buy a fishing cabin in Northern Manitoba 8 years from nowYou currently have $25,328.87 saved up to invest. You have decided to spend $100,000 when you buy the cabin in 8 years. Assuming that you can earn 5.1% annually (with annual compounding) on money you invest now, how much do you need to add to the account every year to reach your goal

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