a. What is the effective annual interest rate if the stated annual interest rate is equal to 12% and compounding is quarterly?

b. If you put $25,000 in a savings account that pays interest at the rate of 6 percent, compounded annually, how much will you have in 8 years?

c. If you take on an investment with an expected annual rate of return equal to 8%, approximately how long will it take for your investment to double in value? Explain.