1) Roy Gross is considering an investment that pays 8.10 percent, compounded annually. How much will he have to invest today so that the investment will be worth $28,000 in six years?(If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.)

2) Your brother has asked you for a loan and has promised to pay you $9,150 at the end of three years. If you normally invest to earn 7.0 percent per year, how much will you be willing to lend to your brother if you view this purely as a financial transaction (i.e., you dont give your brother a special deal)?(If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.)