1. a.) To finance the development of a new product, a company borrowed $40,000 at 9% compounded monthly. If the loan is to be repaid in equal semi-annually payments over

eight years and the first payment is due six months after the date of the loan, what is the size of the semi-annual payment? The size of the semi-annual $_________

b.) One month from now, Kelly will make her first monthly contribution of $450 to a Tax-Free Savings Account (TFSA). She expects to earn 8% compounded annually. How long will it take for the contributions and accrued earnings to reach $55,000? It will take _________months to reach $55,000.

c.) Alexander has made deposits of $146.00 into his savings account at the end of every three months for 18 years. If interest is 8% per annum compounded monthly

and he leaves the accumulated balance for another 4 years, what would be the balance in his account then? The balance in his account would be $__________