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1) What equal payments in 2 years and 4 years would replace payments of $47,500 and $75,000 in 7 years and 9 years, respectively? Assume

1) What equal payments in 2 years and 4 years would replace payments of $47,500 and $75,000 in 7 years and 9 years, respectively? Assume money can earn 4.62% compounded quarterly. Use 9 years as the focal date.

Round to the nearest cent

b) Sophie would like to accumulate $190,000 for her retirement in 12 years. If she is promised a rate of 3.45% compounded semi-annually by her local bank, how much should she invest today?

Round to the nearest cent

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