1. Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 5.5%/year compounded monthly. If the future value of the annuity after 13 years is $60,000, what was the size of each payment? (Round your answer to the nearest cent.)

2. Suppose payments will be made for 5 1/4 years at the end of each month from an ordinary annuity earning interest at the rate of 5.25%/year compounded monthly. If the present value of the annuity is $41,000, what should be the size of each payment from the annuity? (Round your answer to the nearest cent.)