1) a. What monthly compounded nominal rate would put you in the same financial position as 6.7% compounded semiannually? (Do not round intermediate calculations and round your final answer to 2 decimal places.) The compounded monthly nominal rate ----------------------------------

b. What price will a finance company pay for a conditional sale contract requiring 18 monthly payments of $220.50, if the company requires a rate of return of 15% compounded semiannually? The first payment is due one month from now. (Do not round intermediate calculations and round your final answer to 2 decimal places.)