1. You agree to make 36 deposits of $500 at the beginning of each month into s bank acc. At the end of the 36th month you will have 28,000 in your acc. With the monthly compounding what nominal annual interest rate will you be earning

2. Your bank charges your company an effective rate of 5% to borrow money. You want to start offering credits, so youll need to borrow from your bank, but you also want to make 3% for your trouble. You plan to post your offer rate on your sign out front. What rate will you quote?