1. (3 points) An economic feasibility assessment is being conducted for a project that involves the purchase of new property on which to build the project. The property costs $8,000,000 to purchase. The nominal annual interest rate on the loan is 7% compounded monthly. The loan is to be re-paid in a single payment at the end of 10 years. Determine the lump sum, compounded amount to be paid at the end of the 10-year period.

(3 points) An economic feasibility assessment is being conducted for a project that involves the purchase of new property on which to build the project. The property costs $8,000,000 to purchase. The nominal annual interest rate on the loan is 7% compounded monthly. The loan is to be re-paid in a single payment at the end of 10 years. Determine the lump sum, compounded amount to be paid at the end of the 10 -year period