Q1: You are planning to go to graduate school in a program of study that will take 3 years. You want to have $15,000 available each year for various school and living expenses. If you can earn 4% on your money, how much must be deposited at the start of your studies to be able to withdraw $15,000 a year for 3 years?

Q2: A few years ago, Tommy purchased a home for $200,000. Today, the home is worth $300,000. His remaining mortgage balance is $100,000. Assuming Tommy can borrow up to 80 percent of the market value of his home, what is the maximum amount he can borrow?