You purchase a two year annuity for $2800. The annuity pays $1500 each year. What is the annuity's approximate IRR

8.6%

10%

4.5%

2.3%

You purchase a three year certificate of deposit (CD) for $100,000 on January 1st, 2000. This CD has an annual interest rate of 5%. The interest compounds continuously. What is the balance for the CD account on July 1, 2001

$105,000

$107,500

$107,593

$110,250