Question 1 (1 point)

You have decided to place $217 in equal deposits every month at the beginning of the month into a savings account earning 12.50 percent per year, compounded monthly for the next 3 years. The first deposit is made today. How much money will be in the account at the end of that time period?

Round the answer to two decimal places.

2. Big Brothers, Inc. borrows $140,149 from the bank at 15.46 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 8 years. How much will each annual payment be?

Round the answer to two decimal places.