Find the effective rate corresponding to the following nominal rate. 7.2% compounded quarterly The effective rate of interest is %. . (Round to the nearest hundredth as needed.) Bill deposits $7400 with his credit union in an account paying 6% compounded semiannually. How much will be repaid in 8 years? Use the compound interest table. Click the icon to view the compound interest table. How much will be repaid? $ (Round to the nearest cent as needed.) Mary Mason has $21,000 to invest for a year. She can lend it to her brother who has agreed to pay 12% simple interest for the year. Or, she can invest it with a bank at 10% compounded quarterly for the year. How much additional interest would the simple interest loan to her brother generate? Use the compound interest table. Click the icon to view the compound interest table. How much more will the simple interest loan generate compared to the bank loan? $ (Round to the nearest cent as needed.)