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1) What monthly lease payment due in advance should be charged for a tract of land valued at $38,000 if the agreed interest is 4.03%

1) What monthly lease payment due in advance should be charged for a tract of land valued at $38,000 if the agreed interest is 4.03% compounded annually?

2) A fund is to be set up for an annual scholarship of $4,000.00. If the first payment is due in three years and interest is 7.1% compounded quarterly, what amount must be deposited in the scholarship fund today?

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