1. Instead of giving monthly allowance to Joe, his parents agreed to put an amount today in an account that gives 5% interest compounded monthly. However, Joe has his own savings so he decided to make the first withdrawal 6 months from now. If the account must be sufficient for Joe to make 15 withdrawals worth 5,000 pesos each, how much must Joe's parents deposit today?

2.Find the value of an annuity, 2 years after the last payment is made, at 2% interest rate compounded quarterly with regular quarterly payments of 5,000 pesos for 3 years.

3. Find the present value of a 3 year deferred annuity with regular payments of 10,000 pesos compounded annually at an integer rate of 3%.