1. Find the monthly payment that will yield the future valueof $105,000 using an ordinary annuity at 9.5% interest for34 years. (Round the answer to thenearest cent.)

2. Susan and Bill Stamp want to set up a TDA that willgenerate sufficient interest at maturity to meet their livingexpenses, which they project to be $1,200 per month.

(a) Find the amount needed at maturity togenerate $1,200 per month interest, if they can get 7.25% interestcompounded monthly. (Round the answer to the nearest cent.) $ (b) Find the monthly payment that they would have to make into anordinary annuity to obtain the future value found in part (a) iftheir money earns 9.75% and the term is 25 years. (Round the answerto the nearest cent.) $