You want to buy your dream car 12 months from now. The car costs $30,000 today, but you believe its value will increase by 5% once you're ready to buy it. You plan on investing each month in an account that provides a 12% annual return to purchase the car. How much money must you invest each month to be able to buy the car entirely with cash next year? Round intermediate steps to four decimals and your final answer to two decimals. Do not use the dollar sign when entering your response.
You expect that you will need $50,000 ten years from today in order to pay for your daughter's college expenses. You want cover these expenses by making a deposit in an account today that provides a 6% annual return. How much must you invest today to accomplish your goal? Round your final answer to two decimals and do not use the dollar sign when entering your answer.