1. How much must be deposited today into the following account in order to have $70,000 in 8 years for a down payment on a house? Assume no additional deposits are made. An account with monthly compounding and an APR of 5%. (Do not round until the final answer. Then round to the nearest cent as needed.)

2. How much must be deposited today into the following account in order to have a $115,000 college fund in 18 years? Assume no additional deposits are made. An account with annual compounding and an APR of 4.5%. (Do not round until the final answer. Then round to the nearest cent as needed.)

3. Use technology to compute the balance in each of the following accounts.

a. An account with annual compounding, an APR of 10%, and an initial deposit of $400, after 5 years

b. An account with annual compounding, an APR of 2%, and an initial deposit of $218, after 534 years

a. After 5 years, the balance obtained by investing $400 at a rate of 10% with annual compounding, will be __________.

(Round to the nearest cent as needed.)

b. After 534 years, the balance obtained by investing $218 at a rate of 2% with annual compounding, will be __________.

(Round to the nearest cent as needed.)