7. Justin wanted to ensure that he had $70,000 for his child's university education. As soon as his child was born, he started saving $1,125 every 6 months in an investment fund. If he achieved his investment target on his child's 21st birthday, and he made no deposit on the child's 21st birthday, calculate the following:

a. The nominal interest rate for the investment, compounded quarterly.

%

Round to two decimal places.

b. Calculate the effective interest rate for this investment.

%

Round to two decimal places.