1. You placed $7,879 in a savings account today that earns an annual interest rate of 19.99 percent, compounded semiannually. How much will you have in this account at the end of 16 years? Assume that all interest received at the end of the period is reinvested the next period. Round the answer to two decimal places.
2. Stephen plans to purchase a car 6 years from now. The car will cost $64,305 at that time. Assume that Stephen can earn 7.39 percent (compounded monthly) on his money. How much should he set aside today for the purchase? Round the answer to two decimal places.