1) A sinking fund is established to discharge a debt of $20,000 in 10 years. If deposits are made at the end of each 6-month period and interest is paid at the rate of 4%, compounded semiannually, what is the amount of each deposit? (Round your answer to the nearest cent.)

2) If $1500 is deposited at the end of each quarter in an account that earns 4% compounded quarterly, after how many quarters will the account contain $70,000? (Round your answer UP to the nearest quarter.)