1. You get paid 20 annual payments of $50,000. When each payment is made, you must pay 30% to taxes. From what remains you keep 20% and invest the remainder each year into a IRA that grows tax free at an annual rate of 6%. Determine the total amount you will have in the IRA after 20 years.

2. You receive 60% of 1 million dollars and it is taxed at 30%. After paying taxes, you keep 20% from what remains and invest the rest. You invest in an account that pays an annual rate of 6% compounded monthly. The money grows tax free. Determine how much money you will have after 20 years.