1. The Central Bank pays 3.8% compounded quarterly on certain types of deposits. John made a deposit of $600 into a bank account at 3.8% compounded quarterly. How long (in years) will it take for $600 to accumulate to $711.32?

Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, round your final answer to two decimal places, and there is no need to include unit in your final answer.

2. Jerry made a deposit of $600 into a bank account earning interest for 22 quarters (or 5.5 years). The balance at the end of the 22 quarters (or 5.5 years) is $711.32. Determine the nominal interest rate compounded quarterly that was charged by the bank.

Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, express your final answer in percentage with four decimal places or .0001%, and there is no need to include unit in your final answer.