You wish to purchase a piece of land that is for sale for $400,000. You negotiate a payment plan with the seller where you will pay $100,000 immediately and then make two equal payments, one in 6 months time and the other in 9 months time. The seller agrees on the basis that interest be paid at 8% p.a. compounding quarterly. Calculate the amount of the equal payments.

AstraZeneca is developing a vaccine to combat COVID19. It expects the first cash inflow from this project to be $525,000 in 6 years time and then an inflow will occur every half a year for the next five years. The success of this project results in an expectation of the cash inflows growing at a rate of 11.32% p.a. compounded annually. After the patent on this vaccination expires, the long-term growth rate will drop to zero and the cash inflows will cease. If AstraZeneca requires a return of 16.48% p.a. compounded annually, what is the maximum amount of money they could put into developing this vaccine for it to be worthwhile?