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(c) At an annual effective interest rate of i, i>0, the following are all equal: the present value of 1000 at the end of 3 years; the sum of the present values of 600 at the end of year t and 5600 at the end of year 2r; and .500 immediately. Calculate the present value of a payment of 700 at the end of year t+ 3 using the same annual effective interest rate. (7 marks) (d) Alice measures her investment returns annually using effective rate of interest. The force of interest during the 1st and 2nd year is: Ay = 0.15 and 12,-0.05 . Determine the equivalent level force of interest over the 2-year period. 6 marks) Total : 25 marks]