MT

15) What is the effective or equivalent annual rate if the bank pays 6.9 % nominal interest rate but compounds the money daily (use 365 days in a year)? Answer as a percent, to the nearest hundredth, xx.xx%, and enter without the percent sign.

16) Calculate the total present value of the following three cash flows: $17 obtained one year from today, $29 obtained two years from today, and $31 obtained three years from today. Use 7.7% as the interest rate. Answer to the nearest cent, xxx.xx and enter without the dollar sign.