1. You would like to start saving for an overseas holiday. You can afford to save $2,000 per year from your casual work (with the first amount to be invested in exactly 1 year). You plan to go on the holiday in exactly 4 years. The interest rate on your savings account is expected to be 4.7% per year (compounded yearly). Calculate how much you can expect to spend on your holiday in 4 years (to the nearest dollar).

2. You would like to save up for a deposit of $30,000 to buy a home in exactly 10 years. You can invest your savings at an interest rate of 4.3% per year (compounded yearly). Calculate the amount that you must save at the end of each year for the next 10 years to have enough savings for this deposit (to the nearest dollar).