5 Jim Ryan deposited $8,000 at National Bank at 6% interest compounded quarterly. What was the effective rate (APY)? (Round to the nearest hundredth percent). 6 Block Associates borrowed $75,000. The company plans to set up a sinking fund that will repay the loan after 15 years. Assume an 8% interest rate, compounded semiannually. What must Block Associates pay into the fund each period? Verify your result