1. Daniela wants to establish a charitable foundation that will make annual scholarship payments forever. Daniela wants the foundation to make the first annual scholarship payment in 7 years from today, she wants that first scholarship payment to be $27,000, and she wants annual scholarship payments to increase by 1.60 percent per year forever. To fund the foundation, Daniela plans to make equal annual savings contributions for 6 years. How much does Daniela need to save each year for 6 years to have exactly enough in the foundation to meet her goal if she makes her first savings contribution in one year from today, all savings contributions are equal, and her expected return is 9.20 percent per year?

2. Imari wants to establish a charitable foundation that will make annual scholarship payments forever. Imari wants the foundation to make the first annual scholarship payment in 6 years from today, she wants that first scholarship payment to be 24,300 dollars, and she wants annual scholarship payments to increase by 3.46 percent per year forever. To fund the foundation, Imari plans to make equal annual savings contributions for 5 years. How much does Imari need to save each year for 5 years to have exactly enough in the foundation to meet her goal if she makes her first savings contribution later today, all savings contributions are equal, and her expected return is 16.51 percent per year?