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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 $ for his child's university education. As soon as his child was born, he started saving $ every months in an investment fund. If he achieved his investment target on his child's st birthday, and he made no deposit on the child's st 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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