1. What is the future value of 22 periodic payments of $5,160 each made at the beginning of each period and compounded at 8%? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

2. Serena Williams Corporation, having recently issued a $20,006,000, 15-year bond issue, is committed to make annual sinking fund deposits of $609,400. The deposits are made on the last day of each year and yield a return of 10%. Determine the amount of deficiency. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)