Question: Please show work for both problems 5. An engineer plans to borrow $10,000 to open his own consulting business. He must repay $215 a month

Please show work for both problems

5. An engineer plans to borrow $10,000 to open his own consulting business. He must repay $215 a month for 5 years. What is the nominal annual interest rate, based on monthly compounding? (10 Pts) a. 15.19% b. 10.51% c. 6.46% d. 11.03% e. None of the above 6. Jones has deposited his life savings of $70,000 in a retirement income plan with a local bank The bank pays l 1.25% per year, compounded quarterly on such deposits. What is the maximum fixed amount Jones can withdraw at the end of each year and still have the funds last for 15 years? (10 Pts) a. $10,280.72 b. $10,131.88 c. $10,430.66 d. $9,837.51 e. None of the above

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