A person deposits 1,000 at the beginning of each year for 14 years. Simple interest at an annual rate of i is credited to each deposit from the date of deposit to the end of the 14 year period. The total accumulated amount thus accumulated is 22,925. If instead, compound interest had been credited at an effective annual rate of i, what would the accumulated value of these deposits have been at the end of 14 years? [3.h-i \#13] A loan of $15,600 is to be repaid within one year with level monthly payments, due at the beginning of each month. The 12 payments equal $1,300 each. A finance charge of $505 is also due with the first payment. Which of the following is closest to the effective annual interest rate on the loan? [3.h-i \#15] 7.7% 7.9% 7.8% 7.6% 7.5%