1. Baker International stock returned 12.5 percent, 21.8 percent, 4.9 percent, and 18.7 percent over the past four years, respectively. What is the arithmetic average return for this period?
2. Ralph has just borrowed $1420 to purchase a new stereo, at a nominal rate of interest of 11.4% convertible monthly. Although he is charged interest from the moment he borrows the money, the first payment is not due for 11 months. If he will make 24 monthly payments, how much interest is in the 17th payment?
Answer = $