1.Joe and Ed, both of whom are 26 years old, are planning to retire at age 64. Joe decides to wait 5 years to start saving, at which time he will save $400 a month until he retires. Ed decides to start now and invest $400 a month for the next 5 years at which time he will not invest any more. If both can earn a(n) 3.5% APR rate of return (compounded monthly), one of the men will have more money than the other. How much more will that man have? Round your answer to two decimal places.

2. You wish to start a Christmas account at the local bank. Deposits will be made every week, with the first one in one week. In 20 weeks, at the time you make the final deposit, you will withdraw all accumulated funds. If your deposits are $64 weekly, and the interest rate is 4.34% APR compounded weekly, how much will be available for the withdrawal? Round your answer to two decimal places.