1) Mel plans to save 10,900 dollars per year for 4 years. His first savings contribution is expected in 1 year. He then plans to withdraw 16,000 dollars per year for as long as he can. Mel expects to earn 3.54 percent per year. How many payments of 16,000 dollars can Mel expect to receive if his first annual payment of 16,000 dollars is received in 4 years? Round your answer to 2 decimal places (for example, 2.89, 14.70, or 6.00).

2) Chen plans to save 23,400 dollars per year for 4 years. His first savings contribution is expected later today. He then plans to make withdrawals for 6 years. How much can Chen expect to withdraw each year if he expects to earn 8.24 percent per year, he makes equal annual withdrawals, and his first withdrawal is made in 5 years?