1- You are considering an investment in a Third World bank account that pays a nominal annual rate of 18%, compounded monthly. If you invest $5,000 at the beginning of each month, how many months would it take for your account to grow to $280,000? Round fractional months up.

a. 36

b. 43

c. 39

d. 41

e. 50

2-our child's orthodontist offers you two alternative payment plans. The first plan requires a $3,500 immediate up-front payment. The second plan requires you to make monthly payments of $137.41, payable at the end of each month for 3 years. What nominal annual interest rate is built into the monthly payment plan?

a. 19.24%

b. 27.18%

c. 23.81%

d. 21.41%

e. 24.05%