8.1What is the effective annual interest rate if the nominal annual interest rate is 48% per year compounded monthly? a.) 24.00%b.) 26.82%c.) 60.1%d.) 64%

8.2 A deposit of $3,000 is made in savings account that pays 7.5% interest compounded annually. How much money will be available to the depositor at the end of 16 years? a.) $8,877b.) 10,258c.) $9,540d.) $943