1. You are going to save money for your son’s education. You have decided to place $2,310 every half year at the end of the period into a savings account earning 12.20 percent per year, compounded semi-annually for the next 6 years. How much money will be in the account at the end of that time period?
2. For the next 9 years, you decide to place $671 in equal year-end deposits into a savings account earning 8.56 percent per year. How much money will be in the account at the end of that time period?