1. You have just made an investment that will repay $950.2 at the end of each month; the first payment is one month from today and the last one is six years from today (thereby depleting the account)

a) If the interest rate is 6.5% per year compounded monthly, what amount did you invest?

b) If you can refuse all the payments and allow the money to earn at the same rate as stated, how much will you have at the end of six years?

c) Draw cash flow diagram