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1. A small business owner contributes $1000 at the end of each quarter to a retirement account that earns 10% compounded quarterly. How long will

1. A small business owner contributes $1000 at the end of each quarter to a retirement account that earns 10% compounded quarterly. How long will it be until the account is worth $150,000? (Round your answer to the nearest quarter.)

2. A debt of $8000 is to be amortized with 12 equal semiannual payments. If the interest rate is 12%, compounded semiannually, what is the size of each payment? (Round your answer to the nearest cent.)

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