(a) After working for 35 years, Adam was able to accumulate $641,000 in his retirement account. He decided to move the money from the stock market and deposited it in an account that pays 3% compounded quarterly. Adam wishes to withdraw $8900 each quarter until the fund is depleted. Approximately how many YEARS will it take Adam to deplete the account?

(b) Ashley took a $7,000 loan from her credit union and paid it off over 24 months with $319.80 equal monthly payments based on a monthly compounding interest rate.

What nominal interest rate did Ashley get from her credit union?

What was the effective annual interest rate on this loan?