Part 1:

What is the future value (at the end of 9 years) of an annuity that pays $1700 a quarter over 9 years with the payments invested at 6.7% per annum (assume compounding matches payment periods, common assumption for such problems)? (enter your answer in the following format 123456.78)

Answer:

Part 2:

Jack and Jill need to save $8700 toward a new car. How long will it take them if they save $210 a month earning an annual interest of 5.1% (compounded monthly)? (Treat as an ordinary annuity.) ( State your answer in years rounded to the second decimal place, e.g., 12.34 )

Answer: