Q1: The brick has a no payment and no interest policy for 1.5 years on all purchases over $1000. Recently, I purchased a sofa, love seat, dining room set and bedroom set for a total purchase of $3897.58. I noted at the time that the rate or interest was 8.49% per year compounded semi-annually. If the Brick offers to accept 3755.02, what semi-annually compounded rate would they be offering me?

Q2: What payment made today is equivalent in value to a payment of $2681 made 10 years ago and a payment of $13344 due in 9 years? Suppose that interest is 3.5% compounded semi-annually and give your answer rounded to the nearest cent