1. David and Laura are saving to buy a boat at the end of 6 years. If the boat costs $30,500 and they can earn 7% a year on their savings, how much do they need to put aside at the end of years 1 through 6?

2. Sindy wants to invest in a Retirement Savings Plan during 40 years that earns 4.75% annually. How much should she deposit in order to receive $380,000?