1. What is the accumulated sum of the following stream of payments? $1,999 every year at the end of the year for 8 years at 8.61 percent, compounded annually. Round the answer to two decimal places.
2. London purchased a piece of real estate last year for $84,100. The real estate is now worth $104,800. If London needs to have a total return of 0.24 during the year, then what is the dollar amount of income that she needed to have to reach her objective?
3. Compare and contrast the operation of a currency board with the action of dollarization. Why is one chosen over another?