7. (a) A customer purchases a television and agrees to make 12 payments each of $200 on the first day of each month, beginning now. If interest is 7.5% p.a. compounded monthly, determine the actual (present day) price the customer is paying for the television. (b) A sum of $120,000 is to be paid out as a prize in instalments. This sum is invested in an account paying an interest rate 4% p.a. compounded quarterly. It is to be paid out in 20 equal quarterly payments commencing one year from now. How much will the quarterly payments be