1. Andrea, a self-employed individual, wishes to accumulate a retirement fund of $350,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 4.5%/year compounded monthly, to reach her goal upon retirement 20 years from now? (Round your answer to the nearest cent.) 2. A group of private investors purchased a condominium complex for $3 million. They made an initial down payment of 12% and obtained financing for the balance. If the loan is to be amortized over 10 years at an interest rate of 5.1%/year compounded quarterly, find the required quarterly payment. (Round your answer to the nearest cent.)