1. Walter makes 8 deposits of $900 into an account at the end of each year for 8 years. The account is earning a nominal rate of 6% compounded monthly. Jesse deposits $500 into an account that earns the same rate at the end of each year until his accumulated amount exceeds that of Walter. How many deposits does Jesse make?
2. Bob buys a perpetuity that pays $20 at the end of each year with the first payment occurring 2 years from now for $329.08. He could have purchased a perpetuity that pays $X at the end of each 6 months, starting 6 months from now that earns the same effective annual rate. Find $X.