Effective vate: Effective rate or Ary is the interest r ate of an account if it were compounded annually. (2) Determine the effective nate of a \$200 investment that pays 3.40\% axnual interest compounded daily. We will use Y for simplicity for effective rete. Since effective rate is the equivalent rate if compounded yearly, we need to solve the following equations for Y 42.0(1+365.03+5)365=4200(1+xy) (b) Determinc the effective rate Y, for a $P investment that pays r annual interest compounded m times a year. (C.) Did we need to know the principal, P to determine the effective rate (A. is)? Explain (1) Harborstone offers a savings account that compounds monthly and has a Apy of 5.26%. What is the nominal nate, r, of this account? Completo two strategies