Help with Number 2!!

Problem 1 Identify the following interest rate statements as either nominal or effective: (a) effective 1% per month compounded weekly; (b) 0.5% per week compounded weekly; (c) effective 15% per year com-pounded monthly, (d) nominal 1.5% per month compounded daily; and (e) 15% per year com-pounded quarterly; (f) 4% per year compounded quarterly (g) 6% per year compounded annually (h) 1% per month compounded monthly (i) effective 1.5% per month compounded weekly 2 % per month compounded continuously Problem2 A new machine is expected to cost $6000 and have a life of 5 years. Maintenance costs will be S1700 the first year, second year, and the third year, while in the fourth year and fifth year, the maintenance costs are $2100 and $2300 respectively. To pay for the machine, how much should be budgeted and deposited in a fund that earns: a) 20% per year compounded quarterly 16 % per year compounded monthly, b) without considering the payment period