Nick invested $5,500 for 3 years at an interest rate of 2.5% compounded semi- annually and then at an interest rate of 3% compounded quarterly for 5 years. How much interest did the investment earn over the 8 years? Format BIED U & X2 X2E 3 A TTT # $ Font family Font size HOT I/Y P/Y N PV PMT FV Answer question with a written statement:I Maddy was scheduled to make payments of $3,000 in 14 years from now, and $5,500 in 4 7 years from now. She is proposing an alternative arrangement that would involve a payment in 6 months from now, followed by a payment of $7,500 in 3 years from now. How much would the payment in 6 months from now need to be in order for the two streams to be economically equivalent? Assume that money can earn 3% compounded semi-annually. Hint: A timeline would be helpful. Format BIEDER US X5 x = = = B | A TL 2 Font family Font size HUT I/Y P/Y N PV PMT FV