28. What is the present value of a perpetuity that pays $1,000 every year, with the first cash flow occurring today if the appropriate interest rate for this perpetuity is 6.95% p.a.?

29. Assume that you want to have $1,000,000 when you plan to retire exactly 38 years from today. You expect to earn 10.65% p.a., compounded monthly, over the entire 38-year period. How much extra money per month must you deposit if you choose to fund your retirement account using an ordinary annuity technique rather than an annuity due technique?