1. Consider an annuity that pays out at the end of each month for ten years. If the first payment is $1200 and each payment is $5 greater than the previous one calculate the present value of the annuity if interest is converted semi-annually at a nominal rate of 3%.

2. Consider an annuity that pays out at the end of each month for ten years. Payments in the first year are $3000. In subsequent years payments are $100 greater than in the previous year. Calculate the present value of the annuity if interest is converted annually at a rate of 4%.