5) What is the effective annual interest rate for a loan with a nominal annual interest rate of 12% if compounded:

semi-annually. Answer ____________________

monthly. Answer _________________________

continuously. Answer _____________________

6) You make a series of quarterly deposits every quarter starting at the end Quarter 1 and ending at the end of Quarter 36. The first deposit is $1,100, and each deposit increases by $500 each Quarter. The nominal annual interest rate is 7%, and is compounded continuously. What is the Future Value of these series of deposits at the end of Quarter 36?

Answer _____________________