Payment of 300,500 and 700 are made at the end of years five, six and eight, respectively. Interest is accumulated at an annual effective rate of 5%. You are to find the point in time at which a single payment of 1500 is equivalent to the above series of payments. Determine the point in time, by using:- (a) Method of equated time. (b) Exact point in time. [Hint: please read Kellison S. G., (2009), "The Theory of Interest", 3rd Edition, Mc Graw Hill; Chapter 2]