You thought there was no chance the San Francisco 49ers could lose the Super Bowl so you made a large (and legal) bet of $50,000. Unfortunately, they lost and now you do not have the $50,000 you owe the casino. The casino charges you 48% APR with quarterly compounding.

a. What is the Effective Annual Rate (EAR) the casino charges you?

b. You make a deal with the casino that you will pay them 5 equal annual payments (starting a year from today) to clear the debt. How much is each of the 5 payments?

c. Alternatively, you decide to pay them a fixed amount every quarter for 5 years, starting a quarter from today. How much is each of the quarterly payments?