Q1: You make a deposit into your bank account today. The amount is sufficient for you to make 20 quarter-end withdrawals of 3,000 starting in 3 months. How much should you deposit today if you earn an interest rate of 8.5% p.a. compounded monthly? (Correct your answer to the nearest cent without any unit (no need to put $).Do not use "," in your answer. e.g. 20233.12)

Q2:I have arranged to borrow $7,000 from my parents toward a holiday. I will repay the loan over 5 years in equal year-end payments. If the interest rate is 12.6% p.a. compounding monthly, my annual repayment is (rounded to nearest dollar; dont include the $ sign or commas):