David would like to make a single payment of $2300 at the end of year 7 so that it will be equivalent to payments of $400, $1000, and $900 made at the ends of years 2, 10, and X years, respectively. Assuming an effective rate of interest of 5% per annum and the method of equated time, solve for X. Round your answer to 2 decimal places.
1b)
Jill pays $2000 at time 0 in order to receive $1400 at time 1 and $1400 at time 2. Find the annual effective rate of interest that she earns on her money. Round your answer to 3 decimal places.
1c)
A bank loans $3000 to Joe. In 6 years, Joe will pay back a lump sum of $3800 as repayment of the loan and interest. What is the nominal interest rate compounded semiannually that the bank has charged on the loan? Round your answer to 3 decimal places.
