1) You are 22 years old and decide to start saving for your retirement. You plan to save $6,000 at the end of each year (so the first deposit will be one year from now), and will make the last deposit when you retire at age 65. Suppose you earn 6% per year on your retirement savings.

How much will you have saved for retirement right at age 65?

2) Your grandmother has been putting $2,000 into a savings account on every birthday since your first (that is, when you turned 1). The account pays an interest rate of 5%. How much money will be in the account on your 18th birthday immediately after your grandmother makes the deposit on that birthday?

The amount in the account upon your 18th birthday is $