1) An amount of P350,000 is needed by Mr. Solis for his business expansion at the end of 2 years. To accumulate this amount, Mr. Solis will deposit equal amounts at the beginning of each month for 2 years. How much must be deposited monthly if money is worth 5% converted monthly?

2) Mrs. Coronacion wishes her son Dennis to receive a certain amount on his 19th birthday. To realize this, Mrs. Coronacion will invest P2,500 at the beginning of each year after Dennis turns 7. If money earns interest at 5% compounded annually, how much will Dennis receive at the age of 19?