11. Jim owes three debts: $500 due in one year, plus interest at 6% compounded semi-annually; $2,000 due in two years; $1,000 due in three years, plus interest at 5% compounded monthly. He wishes to discharge these debts by paying $500 now and two equal but unknown payments in one and two years, respectively. Find the size of the equal payments if money is, at present, worth 12% compounded quarterly. Use a focal date of two years. (16 marks)