1. You can buy a steam press for your business at $5,000 or lease one for 6 months at $1,200 per month, with the first payment due today. The cost of capital is 8% per month and the tax rate is 15%. What is the NAL? show your work.
2. Since your first birthday, your grandparents have been depositing $100 into a savings account every month. The account pays 4% interest annually. Immediately after your grandparents make the deposit on your 18th birthday, the amount of money in your savings account will be what in dollars? Show all working.