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1. Russell opened an IRA on January 31, 2000, with a contribution of $2000. She plans to make a contribution of $2000 thereafter on January 31 of each year until his retirement in the year 2019 (20 payments). If the account earns interest at the rate of 8% per year compounded annually, how much will Russell have in his account when he retires? 2. Denver Wildcat Company has an immediate need for a loan. In an agreement worked our with its banker, /Denver assigns its royalty income of $4800 per month for the next 3 years from certain oil properties to the bank, with the first payment due at the end of the first month. If the bank charges interest at the rate of 9% per year compounded monthly, what is the amount of the loan negotiated between the parties? 1. Russell opened an IRA on January 31, 2000, with a contribution of $2000. She plans to make a contribution of $2000 thereafter on January 31 of each year until his retirement in the year 2019 (20 payments). If the account earns interest at the rate of 8% per year compounded annually, how much will Russell have in his account when he retires? 2. Denver Wildcat Company has an immediate need for a loan. In an agreement worked our with its banker, /Denver assigns its royalty income of $4800 per month for the next 3 years from certain oil properties to the bank, with the first payment due at the end of the first month. If the bank charges interest at the rate of 9% per year compounded monthly, what is the amount of the loan negotiated between the parties