1. What is the accumulated value of periodic deposits of $3,000 made into an investment fund at the beginning of every six months, for 6 years, if the interest rate is 4.75% compounded semi-annually?. (Round to the nearest cent)

2. You plan to save money for a down payment of $38,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 6.25% compounded monthly. How long will it take you to save the planned amount?. (Express the answers in years and months, rounded to the next payment period)