Question: Advanced personalized learning, tailoring instruction to a student's particular needs and learning preferences, is a challenging opportunity. One start-up with four engineers has produced an

Advanced personalized learning, tailoring instruction to a student's particular needs and learning preferences, is a challenging opportunity. One start-up with four engineers has produced an adaptive hardware/software package that is projected to sell for $3,500. Rather than pay cash, potential buyers will be able to buy the package over 5 years with end-of-month payments and interest at 11% per year compounded quarterly.

a) What is the effective monthly interest rate?

Round your answer to 5 decimal places. The tolerance is 0.00002.

b) What equal monthly payments will be required?

Carry all interim calculations to 5 decimal places and then round your final answer to 2 decimal places. The tolerance is 0.05.

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