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7. The effective annual interest rate is 1 5%. What is the effective interest rate for two years (accumulated over 2 years with interest over

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7. The effective annual interest rate is 1 5%. What is the effective interest rate for two years (accumulated over 2 years with interest over interest)? What is the effective interest rate for ten years (accumulated over 10 years with interest over interest)? a. b. c. Assume interest is compounded monthly. What is the monthly interst rate? d. What is the simple annual interest rate? e. What is the simple interest rate for 2 years? For 10 years

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