7. Having earned a bonus at his work, Rick placed the money in an investment earning 4.18% compounded monthly. He withdrew $343 at the end of every month for the next eight years, completely depleting the investment. What was the amount of the bonus? If he made all of the withdrawals as planned, how much interest was paid? 8. Luisa borrowed funds to buy a piano for her business, Luisa's Music, paying $135 at the end of each month for five years. The bank charges interest on the loan at 8.8% compounded monthly. What was the cash price of the piano? How much is the cost of financing? Exercise 11.4 1. What deposit made at the end of each quarter for 15 years will accumulate to $20000 at 6% compounded quarterly? Reference Example 11.4B 2. What payment is required at the end of each month for five years to repay a loan of $8000 at 8.4% compounded monthly? 3. A contract can be fulfilled by making an immediate payment of $7500 or equal payments at the end of every 6 months for 10 years. What is the size of the semi-annual payments at 9.6% compounded semi-annually