Do not round intermediate calculations. Final dollar answers should be rounded to two decimal places. Final interest rate answers should be rounded to 4 decimal places if stated as a percentage, and 6 decimal places otherwise. Final answers indicating periods should be rounded up to whole periods.

PLEASE SHOW ALL WORK! WITHOUT FINANCIAL CALCULATOR

a) Given an effective quarterly rate of 2.5%, determine the equivalent effective annual rate.

b) Given an effective annual rate of 9%, determine the equivalent effective monthly rate.