1)At your child's birth, you begin contributing monthly to a college fund. The fund pays an APR of 4.1% compounded monthly. You figure your child will need $20,000 at age 18 to begin college. What monthly deposit is required? (Round your answer to the nearest cent.)

2)Jerry calculates that if he makes a deposit of $8 each month at an APR of 4.8%, then at the end of two years he'll have $100. Benny says that the correct amount is $216. The Regular Deposits Rule of Thumb should be helpful here. What was the total amount deposited (ignoring interest earned)?