Find the nominal annual rate of interest convertible monthly (j₁₂) that is equivalent to 6% pa effective. Give your answer as a percentage per annum to 3 decimal places.

j₁₂ = % pa

- 4 of 6 ID: FMTH.A.OA.FV.01b.L

Calculate the accumulated value (S) that payments of $20 per quarter (paid at the end of the month) will accumulate to after 24 years if interest is paid at a rate of 5% pa compounded quarterly. Give your answer in dollars and cents to the nearest cent.

S = $