- To finance the development of a new product, a company borrowed $28,000 at 4% compounded monthly. If the loan is to be repaid in equal semi-annually payments over 3 years and the first payment is due 6 months after the date of the loan, what is the size of the semi-annual payment?

- When his aunt died, Ariel inherited an annuity paying 19,000 every year into a savings account for six years. The terms of the will state that he cannot withdraw any money for the first six years, and then he can withdraw equal amounts at the end of each year for eight years. If interest is 3.69% compounded annually, what will be the size of each withdrawal?