You want to receive $525 at the end of each month for 2 years. Interest is 7.8% compounded monthly.

1. How much would you have to deposit at the beginning of the 2-year period?
2. How much of what you receive will be interest?

You want to receive $525 at the end of each month for 2 years. Interest is 7.8% compounded monthly. (a) How much would you have to deposit at the beginning of the 2-year period? (b) How much of what you receive will be interest? (a) The deposit is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)