Brenda young desires to have $20,000 eight years from now for her daughter’s college fund. if she will earn 4 percent (compounded annually) on her money, what amount should she deposit now? use the present value of a single amount calculation. use exhibit 1-c. (round time value factor to 3 decimal places and final answer to nearest whole number.)

Petra contracted to paint bret’s house for $2,000. after beginning the job, petra realizes that the house is really quite big, and she’s not going to make enough profit, so she tells bret she wants another $500 to finish the job. bret doesn’t want to pay more, but he’s afraid that if she walks off the job, he’ll have trouble finding someone else to finish it, so he agrees. is bret legally obligated to pay the extra $500?