1. Mr. Miser loans money at an annual rate of 18 percent. Interest is compounded daily. What is the actual rate Mr. Miser is charging on his loans?
2. Your parents are giving you $300 a month for 6 years while you are in college. At a 7 percent discount rate, what are these payments worth to you when you first start college?
3. Today, you deposit $2,500 in a bank account that pays 3.6% interest per year. Of the interest that you earned during those 7 years, how much of it was from compounding? (We know that the total interest for this account is $702.27) Please show work.