An employee received a settlement from his employer that will pay him $56,000 now. He will deposit this for 12 years at 5% compounded quarterly. What is the effective annual rate that this employee will earn? 05.09% 5.06% 9.28% 5.00% SAIT would like to provide a yearly scholarship of $1,500 that grows at 1.75% each year and will be forever. If they can achieve a long-term annual rate of 9% each year, how much money do they have to raise for this to happen? o$20,690 O$18,750 o $857 O $24,000