7. B deposited $5,000 in a savings account that paid 8% interest compounded quarterly. What is the effective rate of interest? 8. How much would you be willing to pay for a preferred stock that pays $6.50 to perpetuity if the appropriate discount rate is 9%? 9. In 1986, the average tuition for one year in the BCom program at the USP was $3,600. Thirty years later, in 2016, the average tuition was $27,400. What is the annual growth rate in tuition over the 30-year period? 10. A deposits $2,000 per year at the end of the year for the next 20 years into a super account that pays 6%. How much will A have on deposit at the end of 20 years?