3. Michael has to settle a debt, for which scheduled debt payments of $3800.00 was due seven months ago, $4700,00 was due two months ago, and $8800.00 due in five months. Debt has to be settled by two equal payments now and three months from now respectively. Determine the size of the equal replacement payments at 4.9% p.a. compounded monthly. 4. A ten-year promissory note dated April 1, 2011, with a face value of $700.00 bearing interest at 7% compounded semi-annually, discounted six years later when money was worth 8.5% compounded monthly. What are the proceeds? 5. In how many years will money double at 8% compounded yearly