Boris took out a loan for

$6400

that charges an annual interest rate of

8.8%

, compounded monthly. Answer each part. If necessary, refer to the

list of financial formulas

.

Find the amount owed after one year, assuming no payments are made. Do not round any intermediate computations, and round your answer to the nearest cent.
(b)	Find the effective annual interest rate, expressed as a percentage. Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent.