1. Isabella (25 yr. old) and Chris (35 yr. old) graduated from a University and began working in the family business. The first year, Isabella began putting $3,000 per year in a registered retirement saving plan (RRSP) and contributed to it for a total of 10 years. After that time, she made no contributions until she retired at age 65. Chris did not start making contributions to his RRSP until he was 55, but he continued making contributions of $3,000 per year until he retired at age 65. Assuming that both Isabella and Chris receive 12% interest compounded annually per year, how much will Isabella have at retirement? How much did she contribute in total? How much will Chris have at retirement? How much did he contribute in total? (Show your calculations).

2. Adrian would like to finance the purchase of his car. If he borrows $34,000 as a five-year loan from the bank and the bank requires him to make end-of-month payments $700, what is the annual interest on his loan if interest is compounded daily and the loan is completely paid off at the end of the five- year period? (Show your calculations).