1. A bank pays 5.7% compounded quarterly on certain types of deposits. If interest is compounded semi-annually,

what nominal rate of interest will maintain the same effective rate of interest?

The nominal rate of interest is_____%.

(Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)

2. A loan of $1005 borrowed today is to be repaid in three equal installments due in one year, three years, and five

years, respectively. What is the size of the equal installments if money is worth 7.1% compounded annually?

The payments are each $_____.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)