1.) The purchase price of an acre of land in the Louisiana purchase in 1803 was about 5 cents. Suppose the value of this property grew at an annual rate of 4.7% compounded annually. What would an acre of land be worth in 2019?

2.) One bank advertises a nominal rate of 4.74% compounded quarterly. A second bank advertises a nominal rate of 4.69% compounded daily. What are the effective yields? (Round your answers to two decimal places.)

first bank ?

second bank ?