1. what sum of money should be set aside on a child's birth to provide 8 semi-annual payments of $4,000 to cover the expenses of university education if the first payment is to be made on the child's 18th birthday? The fund will earn interest at the annual rate of 7% compounded semi-annually.

2.Deposits of $350 are made every 3 months from June 1,2010 to June 1,2013. How much has been accumulated on September 1,2013, if the deposits earn the nominal interest rate of 6% payable quarterly?