You plan to make five deposits of $1,000 each, one every 6 months, with the first payment being made in 6 months. You will then make no more deposits. If the bank pays

10% nominal interest, compounded semiannually, how much will be in your account after 3 years? Do not round intermediate calculations. Round your answer to the

nearest cent.

b. One year from today you must make a payment of $7,000. To prepare for this payment, you plan to make two equal quarterly deposits (at the end of Quarters 1 and 2) in

a bank that pays 10% nominal interest compounded quarterly. How large must each of the two payments be? Do not round intermediate calculations. Round your answer

to the nearest cent