Mary Kate, Ashley, Dakota, and Elle each want to buy a new home. Each needs to save enough to make a 30% down payment. For example, to buy a $100,000 home, a person would need to save $30,000. At the end of each year for six years, the women make the following investments:

Person	Annuity Payment	Type of Account	Expected Annual Return
Mary Kate	$2,600	Savings	2%
Ashley	3,600	CDs	4
Dakota	4,600	Bonds	8
Elle	4,600	Stocks	10

Required:

1. Calculate how much each woman is expected to accumulate in the investment account by the end of the sixth year. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.)

2. What is the maximum amount each woman can spend on a home, assuming she uses her accumulated investment account to make a 30% down payment? (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.)

six-year Accumulated Person Investment Mary Kate Ashley Dakota Elle Maximum Home Person Purchase Mary Kate Ashley Dakota Elle