3. Mary Lou received $12,000 from her grandparents for her college education 7 years prior to her enrolling in college. Mary Lou invested the money at 3.5% compounded semiannually. How much money will she have in her savings account when she is ready to enroll in college? (Simplify your answer completely. Round your answer to the nearest cent.)

5. . A farmer purchased 265 acres of land for $4,500/acre. He paid 25% down and obtained a loan for the balance at 6.75% APR over a 20-year period. How much is the annual payment? (Simplify your answer completely. Round your answer to the nearest cent.)