If interest is paid at a rate of 6% per year, compounded quarterly, what is the a) Annual percentage rate (APR)? b) Effective annual rate (EAR)? 8. How long will it take $50,000 placed in a term deposit at 10% interest to grow into $75,000? 9. Faisal has $15,000 in his savings account and can save an additional $5000 per year. If interest rates are 12%, how long will it take his savings to grow to $50,000?