1. In order to accumulate enough money for a down payment on a? house, a couple deposits $ 490 per month into an account paying 6 % compounded monthly. If payments are made at the end of each? period, how much money will be in the account in 5 ?years?
2. Acme Annuities recently offered an annuity that pays 6.3 % compounded monthly. What equal monthly deposit should be made into this annuity in order to have $ 133,000 in 8 years? ?years?