Answer number 1 and 2: 1.) You are considering investing in a bank account that pays a nominal annual rate of 7%, compounded monthly. If you invest P3,000 at the end of each month, how many months...

Answer number 1 and 2: 1.) You are considering investing in a bank account that pays a nominal annual rate of 7%, compounded monthly. If you invest P3,000 at the end of each month, how many months will it take for your account to grow to P150,000? 2.) Your child's orthodontist offers you two alternative payment plans. The first plan requires a P4,000 immediate up-front payment. The second plan requires you to make monthly payments of P137.41, payable at the end of each month for 3 years. What nominal annual interest rate is built into the monthly payment plan?