The following cash flow diagram indicates the monthly payments you will have in the future. Assume that the interest rate is 12% per year. $3,200 $2,800 $2,400 $2.000 16 17 18 19 20 21 ) What annual...

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Extracted text: The following cash flow diagram indicates the monthly payments you will have in the future. Assume that the interest rate is 12% per year. $3,200 $2,800 $2,400 $2.000 16 17 18 19 20 21 ) What annual amount should you save for the first 7 months to complete the following payments starting from 18th month, if you a) expect your parents to also deposit into your account $1000 at the beginning of month 2? b) )Explain how your answers to (a) will change if the interest rate increases. Write your comments in your words