3. Mr. Sullivan is borrowing $2 million to expand his business. The loan will be for eight years at 12% and will be repaid in equal quarterly installments. What will the quarterly payments be?

4. Marcia Stubern is planning for her golden years. She will retire in 20 years, at which time she plans to begin withdrawing $60,000 annually. She is expected to live for 20 years following her retirement. Her financial advisor thinks she can earn 9% annually. How much does she need to invest each year to prepare for her financial needs after her retirement?