1. In five years Harry and Sally would like to have $18,000 for a down payment on a house. How much should they deposit each month into an account paying 8% compounded monthly?

2. 6. Irene plans to retire on December 31, 2019. She has been preparing to retire by making annual deposits, starting on December 31, 1979, of $2000 into an account that pays in effective rate of interest of 8%. She has continued this practice every year through December 31, 2000. Her goal is to have $1.4 million saved up at the time of her retirement. How large should her annual deposit be (from December 31, 2001 until December 31, 2019) so that she can reach her goal?