A finance company charges 12% simple interest in advance on its hire purchase contract. Monthly payments are calculated by adding the interest and the purchase price then dividing by the number of months. Find the effective annual interest rate for a 30-month contract. Deposits of $150 are made at the end of each month into a saving account paying interest rate at 5% p.a. compound quarterly. How much money will be accumulated in the account at the end of 6 years