A real estate developer offers to sell you some prime real estate for $527,000 today. You agree to pay $280,000 in eactly 8 months but the balance in exactly 19 months from today when you expect to receive some cash from an investment. How much will you need to pay the developer in 19 months if the interest rate is 86% per annum compounding monthly (rounded to the nearest dollar dont show sign or commas) Answer: If money is invested for 11 years, the per annum simple interest rate equivalent to a nominal rate of 7.6%pa compounding monthly is (as a percentage rounded to three decimal places don't use % sign)