1. You are planning to go to law school and the program is three years long. You want to have $8,000 a year to spend for school and living expenses. If you can earn 4%, how much should you deposit at the beginning of law school to be able to withdraw $8,000 for each of the three years? (round to nearest whole dollar)
2. How much would you have to deposit today to be able to withdraw $500 each year for the next 10 years from an account that earns 8 percent a year? (round to nearest whole dollar)