1. Chris owes $550 in 8 months and $500 in 11 months. What single payment now will repay these debts if interest is currently j₁₂=3%, but changes to j₁₂ = 2% in 2 months? *Do not round intermediate answers*

2. A 5-year investment pays interest at j₁= 5% for the first 3 years, j₄= 10% for the fourth year, and j₁₂= 11% for the fifth year. What is the equivalent nominal interest rate, j₄, earned over the 5 years *Do not round intermediate answers*