1. You have applied for a new credit card with an APR or 16.29%. If interest is charged monthly, what is the card's EAR? Submit your answer as a percentage and round to two decimal places (Ex. 0.00%).

2. If you want to have $5693 in 25 months, how much money must you put in a savings account today? Assume that the savings account pays 4% and it is compounded monthly. Round to two decimal places (Ex. $000.00)

3. Congratulations! You are the proud winner of the multi-state Sour Ball Lottery. You are to receive $2,000,000 at the end of each year for the next 20 years. While the Lottery Commission refers to this as a $40,000,000 jackpot, if you choose the "cash option" they will give you much less than that; you can receive a lump sum payment today equal to the present value of the ordinary annuity instead of the 20 annual payments. If the discount rate that the Lottery Commission uses to determine the lump sum payoff is 5.5%, what is your payoff if you select the cash option? Round to two decimal places (Ex. $00.00)