1. A student wants to have $60,000 when he graduates 4 years from now. His grandfather gave him a gift of $20,000. How much must he save each year (to the nearest dollar) if he deposits the $20,000 today and can earn 8% on both the $20,000 and his savings? O A $ 7276.80 OB. $ 7076.80 O C$ 7176.80 OD. $ 7376.80 1. A manager is planning to purchase a machine by paying $7,000 now and equal monthly payments for one and a half year. If the present worth of the machine, at the interest rate of 6% per year compounded monthly, is $32,000, the monthly payments are closest to: A. $1,420 B. $1,820 C. $1,390 D. $1,815