1. Vanessa and Peter are planning to travel to Europe three years from now. They have decided to begin saving money for the trip that will cost them $4000 each. Vanessa decides to deposit $100 at the end of every month at an interest rate of 6% compounded monthly. Peter chooses to deposit $1300 at the end of every year at 6% compounded annually. Will they each have enough money to afford the trip in 3 years?