1. A person owes $500 due in 6 months and $1,000 due in 21 months. The lender agrees to allow the person to pay off these two debts with a single payment. The money is worth at an annual constant force of interest rate 6%. (a) [3 points) What single payment in 12 months will pay off these obligations? (b) (2 points) Recall that an annual constant force of interest is 6%. Calculate the equivalent annual nominal discount rate compounded quarterly