7.Josh recently received a gift of $280 000 from his Mother. He invested the money in a fixed deposit account and received a $400 000 lump-sum at the end of the 5 years. What is the annual effective rate of interest: Option 1) 6.89% Option 2) 7.39% Option 3) 7.15% Option 4) Not enough info 8. The nominal interest rate per annum, compounded quarterly is: Option 1) 7.19% Option 2) 7.22% Option 3) 7.39% Option 4) Not enough info