Please complete the following questions below using financial formulas. Please SHOW YOUR WORK and explain the answers.

1) Johns Memorial Hospital has just been informed that a private donor is willing to contribute $3 million per year at the beginning of each year for ten years. What is the current dollar value of this contribution if the discount rate is 8 percent?

2) Love Canal General Hospital wants to purchase a new blood analyzing device today. Its local bank is willing to lend it the money to buy the analyzer at a 3 percent monthly rate. The loan payments will start at the end of the month and will be $1,600 per month for the next eighteen months. What is the purchase price of the device?