1. Bally Manufacturing sent Intel Corporation an invoice for machinery with a $15,500 list price. Bally dated the invoice August 17 with 3/10 EOM terms. Intel receives a 20% trade discount. Intel pays the invoice on August 30. What does Intel pay Bally? Payable amount
2. Olga buys a 5-year increasing annuity for X. Olga will receive 2 at the end of of the first month, 4 at the end of the second month, and for each month thereafter the payment increases by 2. The nominal interest rate is 9% covertible quarterly. Calculate X.