# Barbara wants to buy a car when she graduates from Central University 4 years from now. She believes that she will need \$29,200 to buy the car. (a) Calculate how much money Barbara must put into he

1. Barbarawants to buy a car when she graduates from Central University4years from now. She believes that she will need \$29,200to buy the car.(a)Calculate how much moneyBarbaramust put into her savings account today to have \$29,200in4years, assuming she can earn10% compounded annually.(For calculation purposes, use 4 decimal places as displayed in the factor table provided and round final answer to 0 decimal place, e.g. 58,975.)(b)Calculate how much moneyBarbaramust put into her savings account today to have \$29,200in4years, assuming she can earn10% compounded semiannually.(For calculation purposes, use 4 decimal places as displayed in the factor table provided and round final answer to 0 decimal place, e.g. 58,975.)2. Georgeis planning for his retirement this year. One option that has been presented to him is the purchase of an annuity that would provide a \$47,000payment each year for the next17years.(a) Calculate how muchGeorgeshould be willing to pay for the annuity if he can invest his funds at6%.(For calculation purposes, use 4 decimal places as displayed in the factor table provided and round final answer to 0 decimal place, e.g. 58,971.)