1. A company wants to have $40,000 at the beginning of each 6-month period for the next 4.5 years. If an annuity is set up for this purpose, how much must be invested now if the annuity earns 6.79%, compounded semiannually?

2. As the contestant with the longest winning streak in the history of Jeopardy, Ken Jennings won more than $2.5 million. Suppose he invested $1.4 million in an ordinary annuity that earned 4.8%, compounded monthly. How much would he receive at the end of each month for the next 15 years?