8. Inch Inc. took a loan of $1,300,000 to build a new office. Calculate the quarterly compounding interest rate charged on the loan if $40,898.22 was repaid at the beginning of every 6 months and the loan was paid off in 29 years.

%

Round to two decimal places.

9. Joel made payments of $191.77 at the end of every month into a retirement fund which accumulated to $42,000 over 16 years.

a. At what interest rate compounded monthly was the fund growing? (Assume that the interest rate remained constant throughout the term.)

%

Round to two decimal places.

b. At what interest rate would he have been able to accumulate the same $42,000 in only 12 years?

%

Round to two decimal places.