1.) You contribute $1756 at the beginning of each year to your childs college fund. Your bank pays you a rate of 3.35% per year compounded semi-annually on the account.

a.) What is the annually compounded rate of interest that is equivalent to 3.35% compounded semi-annually?

b.) How much is in the account in 17 years?

c.) How many years from today will be the first time the account has at least $70000? No units are required.

2.)An investment makes payments of $1566 at the beginning of each month for 1 year. The rate or return of the investment is 6.58% compounded monthly.

a.) What is the present value of this investment?

b.) What is the future value of this investment?