Clearly and neatly show all work for each problem. Round all final answers to the nearest dollar. Do not round intermediate work. 1. Velma currently has a job that pays her $48,000 a year. She is paid twice a month (on the 5th and the 20th) and wants to start saving for retirement and pay off her credit card. Velma plans to contribute 7.5% of her pre-tax income to her company's 401k. Find how much of each paycheck Velma will be putting into the 401k. If the 401k is compounded semi-monthly at a rate of 3.2%, find the balance in 30 years (when Velma hopes to retire).