1) Hewlett Plastics Inc. received a loan of $43,500 at 3.75% compounded quarterly to purchase machinery for its factory. Calculate the time period of the loan if the total interest paid was $23,319.97.

yearsanddays

Express the answer in years and days, rounded up to the next day

b) Sophie, then invested $205,000 to purchase a home. After 9 years, she sold the home for $300,000. Calculate the effective interest rate earned on this investment.

%Round to two decimal places