1) Thomas is planning to withdraw $8000 from a savings account at the end of each quarter for five years. If the payments are deferred for five years and interest is 5.44% compounded semi-annually, what amount has to be invested now into the savings account?

2) Ralph's Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $11,200 at 9% compounded annually. To repay the loan, equal monthly payments are made over five years, with the first payment due two years after the date of the loan. What is the size of each monthly payment?