You see an opportunity on TV to buy a home entertainment system for $7,500 payable in two equal annual instalments the first being in exactly one year. If the interest rate is 4.8% compounding monthly, what is the amount of each instalment? Select one: A. $4,022.11 B. $4,028.22 C. $4,118.65 D. $3,989.90 Find the effective annual rate of interest (as a %, 2 decimal places) at which an amount of $2,000 today will accumulate to $6100 in 8 years (Solve using excel =RATE function; Answer in percentage rounded to two decimals without the % sign e.g. 1.8891 is 1.89)