Response to the following questions:
1. Ken invested $6,000 in an a savings account that pays interest at the rate of 1% per quarter. At the end of five years, Ken withdraws only the interest. How much does he withdraw?
2. The ABC Company wished to invest a sum of money today in an investment that grows at the rate of 12% per year, so that it may withdraw $1,000 at the end of every year for the next ten years. How much must be invested?