Find the accumulated amount of the, Financial Management

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Find the accumulated amount of the

1. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

Find the accumulated amount of the annuity. (Round your answer to the nearest cent.)

$2000 monthly at 6.5% for 20 years.

2. You have just won $170,000 from a lottery. If you invest all this amount in a tax-free money market fund earning 7% compounded weekly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.)

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