1. What is the present value of 18 annual payments of $ 4361 each with the first payment being received immediately? assume you can invest money at a 10% stated rate with semi-annual compounding. (round your answer to 2 decimal places)
2. Phoebe realizes that she has charged too much on her credit card and has racked up $6,600 in debt. If she can pay $200 each month and the card charges 18 percent APR (compounded monthly), how long will it take her to pay off the debt?