8. An international bank is charging a nominal intrest rate of 1.99% per year compounded continuously. What is the effective annual interest rate?

9. An individual plans to buy a stock valued at $135 each and keep it for 5 years at which point he things he can sell it for $155. The stock pays an annual dividend of $3.5. What is equivalent annual interest rate being generated by this investment? (i.e., interst rate that makes the present worth of this investment = 0)

10. An individual is borrowing $115,000 for a 18 year loan at 3.75% per year compounded monthly. Compute the monthly payment.

11. Continue on Q 10: Immediately after the 56 monthly payment, the home owner plans to sell the house. How much money is owed back to the bank?

12. Alternative to Q 11. Immediately after the 56th payement, the home owner wins a $25,000 lottery ticket, decides to keep the house and continue making payements of the same monthly amount. How long will it take to pay off the mortgage?

13. One more question on the mortage of Q 11: Compute the spilt between principal and interest paid with the 104th monthly payment of this loan.

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