1) You plan to deposit $1,000 every month into an account paying 6% compounded monthly for the next 5 years. How much will you accumulate over this five year period?

3) If you plan to make annual payments instead of the monthly payments indicated in #1 above, how much will you have to deposit annually to have the same sum accumulated in five years as in #1 above? Interest rate remains 6% compounded monthly.

The answer to #1 is $69,770.0305.

Please explain how to solve #3.