1. A bank agrees to pay $ 1 Million in 15 years. What is the Present Value of this $1 million in 5 years time, if the annual percentage rate is 9% per year, and continuous compounding is used?

Consider a no-load mutual fund with $180milhon in assets and 8million shares at the start of the year and with $280milhon in assets and 15 million shares at the end of the year. During the year investors have received income distributions of so per share and capital gain distributions of 50.75 per share. Assuming that the fund carries no debt, and that the total expense ratio is 1.75%, what is the rate of return on the fund