1. Ross received an inheritance of $200,000. He wants to withdraw equal periodic payments at the beginning of each month for the next 5 years. He expects to earn 12% annual interest, compounded monthly on his investments. How much can he receive each month?

2. Monica wants to purchase a home 6 years from now. She anticipates spending $150,000. To attain this goal, how much should Monica invest at the end of each 6-month period if she expects to earn a 12% annual compound rate of return, compounded semiannually, on her investments?

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