#2. Mike borrowed $14 000 at 6.5% compounded semi-annually. If the loan is to be repaid in equal semi-annual payments over three years and the first payment is due four years after the date of the loan, what is the size of the semi-annual payment? explain

#4. An RRIF with a beginning balance of $21 000 earns interest at 10% com-pounded quarterly. If withdrawals of $3485 are made at the beginning of every three months, starting eight years from now, how long will the RRIF last?explain