If the appropriate discount rate, i/y, for the following year end cash flows is 8.45% per year, the sum of the present values of the cash flows is:

Year Cash Flow PV @8.45%

1 $1,650

2 0

3 $4,200

Group of answer choices

$5,280

$4,105

$3,571

$4814.20

You want to borrow $3,000 from your local bank to buy a really neat calculator. You can afford to make monthly payments of $75. The bank reports that it will charge 6.0% compounding monthly. How many payments will you have to make in order to pay back the loan?

Group of answer choices

51.6

44.7

48.9

35.3