1. Payments of $2600, due 50 days ago, and $3100, due in 40 days, are to be replaced by $3000 today and another payment in 30 days. What must the second payment be if the payee is to end up in an equivalent financial position? Money now earns 8.25% simple interest. Use 30 days from now as the focal date.(10 marks) 2. 2 payments of $2000 each are to be received 6 and 12 months from now. If money is worth %10 simple interest, what is the total equivalent value of the payments today