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1. Payments of $900 scheduled to be paid today and $1,190 to be paid in eight months are to be replaced by a single equivalent payment today. What total payment made today would place the payee in the same financial position as the scheduled payments if money can earn 2 1/4%? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

2. Jake purchased a $25,000 100-day T-bill discounted to yield 1.23%. When he sold it 45 days later, yields had dropped to 1.17%. How much did Jake earn? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

3. A payment stream consists of three payments: $1,300 due today, $1,800 due 90 days from today, and $2,300 due 240 days from today. What single payment, 80 days from today, is economically equivalent to the payment stream if money can be invested at a rate of 3.8%? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.)