1. You are paying into a mutual fund that earns 6% compound interest. If you are making an annual contribution of $10,000, how much will be in the funds in 20 years?
2. You want to save money from your business operation to replace a truck that has been used in delivery. The truck will be replaced after 10 years from now and the replacement cost would be about $50,000. If you earn 6% interest on your savings, how much must you deposit at the end of each year to meet the needs?