1. You are going to give your kid sister a nice $4,000 wedding gift and want to save up for it. You are going to begin saving 4 years from today. You expect shell get married 8 years from today. Suppose you make annual deposits with the last one in 8 years. Given a(n) 10.75% APR, how much is the total principal you must save? Round your answer to two decimal places.

2. You wish to save $4,944 for a special present for your grandma's 95th birthday party in California. You will begin saving exactly 4 months from now and will continue saving every month until you purchase and mail her gift in 21 months. With a savings rate of 4.66% APR compounded monthly, how much total interest will you earn on your savings? Round your answer to two decimal places.