Complete the following:

a) Morgan owns the rights to a series of 600 monthly payments with the following properties: The first payment of $200 is paid 3 years from now. Each subsequent payment is % larger than the previous payment. The nominal interest rate convertible monthly is (12) i = 6% . Compute the present value of the payments if % = 0.5%.

b) Madison is repaying a loan of $500,000 at effective annual rate 5.1% with 32 annual payments, each containing an equal amount of principal. Calculate the amount of interest in the 24th payment