1. Fenland Co. plans to retire $210 million in bonds in five years, so it wishes to fund a savings account at the beginning of each year during that period for which it expects to earn 12% annually. At the end of the five years, there will be enough money in the account to pay off the bonds. What amount does Fenland need to invest each year? (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

2. Present and future value tables of $1 at 11% are presented below.

	PV of $1	FV of $1	PVA of $1	FVA of $1
1	0.90090	1.11000	0.90090	1.0000
2	0.81162	1.23210	1.71252	2.1100
3	0.73119	1.36763	2.44371	3.3421
4	0.65873	1.51807	3.10245	4.7097
5	0.59345	1.68506	3.69590	6.2278
6	0.53464	1.87041	4.23054	7.9129

Titanic Corporation leased executive limousines under terms of $120,000 to be paid at the inception of the lease, and four equal annual payments of $130,000 to each be paid thereafter on the anniversary date of the lease. The interest rate implicit in the lease is 11%. The first year's interest expense would be:( Round your intermediate calculations and final answers to the nearest dollar amount.)