1Grandparents plan to open an account on their grandchild's birthday and contribute each month until she goes to college. How much must they contribute at the beginning of each month in an investment that pays 11%, compounded monthly, if they want the balance to be $100,000 at the end of 18 years? Solve the problem. (Round your answer to the nearest cent.)

2Parents agree to invest $600 (at 8%, compounded semiannually) for their son on the December 31 or June 30 following each semester that he makes the dean's list during his 4 years in college. If he makes the dean's list in each of the 8 semesters, how much money will his parents have to give him when he graduates? Solve the problem. (Round your answer to the nearest cent.)