5. A 0.5% effective monthly rate is equivalent to what rate effective bi-annually? 6. You are required to make following payments in the coming 13 years: i. $15,000 every four years starting one year from today and ending in year 13 (4 payments) ii. $10,000 every three years starting one year from today and ending in year 13 (5 payments) iii. $5,000 every two years starting one year from today and ending in year 13 (7 payments) iv. $1,000 every year starting by the end of year 1 and ending in year 13 (13 payments) How much should you deposit now in your bank account for you to be able to make these payments on time if your bank will give you an interest of 5% APR compounded monthly (pick the nearest answer)