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Donald wanted to ensure that he had $ 7 0 , 0 0 0 for his child's university education. As soon as his child was

Donald wanted to ensure that he had $70,000 for his child's university education. As soon as his child was born, he started saving $1,200 every 6 months in an investment fund. If he achieved his investment target on his child's 21st birthday, and he made no deposit on the child's 21st birthday, calculate the following:
a. The nominal interest rate for the investment, compounded quarterly.
%
Round to two decimal places.
b. Calculate the effective interest rate for this investment.
%
Round to two decimal places.

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