1) A $11,000 loan is to be repaid with 10 equal half-yearly instalments. Interest is at 8.3%p.a. compounding half-yearly Calculate the principal repaid in the fourth instalment.

(use excel; answer to include cents but do not use the comma separator)

2) Jack needs $4800 in 6 years from today to buy a holiday. He invests $2200 today. Find the effective annual rate of interest that Jack needs to earn on this amount (as a %, 2 decimal places) in order to reach his goal.

(Solve using excel =RATE function; Answer in percentage to two decimals without the % sign e.g. 1.888 is 1.89)