What single payment one year from now would be equivalent to $2500 due in three months, and another $2500 due in two years? Money is worth 7% compounded quarterly.

Answe (needs work shown): $4965.96

An initial $1800 investment was worth $2120.31 after two years and nine months. What quarterly compounded nominal rate of return did the investment earn?

Answer (needs work shown): 6% compounded qtly