a. Mary bought a piano by agreeing to make 24 monthly payments of $350 each, with the first payment due after 6 months. If the interest was charged at 18% p.a. compounded monthly, find the cash price of the piano today. [2] b. A benefactor provides in his will for an annual scholarship of $4500 to be established in his name, to be paid immediately after his death. If interest is earned at 12.5% p.a. compounded annually, how much must be invested initially if the scholarship is to be awarded forever? [2]