8. The Pacers are back! Given the expected return to normalcy later this year, there is renewed demand for season tickets for next season. The Pacers have several different season ticket packages ranging from over $200 per seat for courtside tickets to upper level seats priced at $10 each. Will Geoghegan has decided to buy 5 season tickets (there are 41 home games in total) for his family and friends and he has settled on the $25 per seat tickets. Will has the option of paying the full amount today, or he can take the payment plan where he will make 6 equal monthly payments (the first payment is due immediately) of $870. What is the Effective Annual Rate (EAR) of interest implicit in the payment plan?

9. In planning for their retirement in Hawaii, your parents deposited $5,000 at the end of each year for the last 25 years into an investment account. The account earned a constant annual return of 4.56% APR, compounded monthly. Now, at the end of the 25-year period, your parents have transferred their money into an annuity that will earn 2.40% APR compounded monthly. They plan to withdraw an equal amount at the end of every month for the next 10 years. After the 10 years of monthly withdrawals, the account balance will be depleted. How much will they be withdrawing each month?