a. You've also just borrowed $5000 from your erandparents! However, thev're charging vou 3% interest. (Grandpa never was a pushover when it came to money!) They just wrote out the cheque, and they want you to make five equal annual payments in return. How much will you pay them each year?

b. Someone has just signed a twelve-year lease with you to use a property you own. They're to pay you $1200/year, with the first pavment due immediately. If you are able to invest the payments at 3%, how much money will you have at the end of the lease?