1- If you save $85 at the beginning of every month for ten years, for how long can you withdraw $240 at the beginning of each month starting ten years fromnow, assuming that interest is 6% compounded monthly? State your answer in years and months(from 0 to 11months).

You can withdraw $240 for ____ year(s) and _____ month(s).

(Type wholenumbers.)

2- Find the periodic payment for the following simple annuity due.

Future Value $18,200

Present Value _______

Payment Period 3months

Term of Annuity 9 years

Interest Rate 3%

Conversion Period quarterly

The periodic payment is $ _____ ?

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)