If you deposit $3,500 monthly into a savings account which earns 6.25% interest rate compounded annually how much will you have after 8 years of saving? a. $434,504 b. $34,954 c. $504,000 d. $545,721 e. $419,442 If the effective annual interest rate is 11%, what is the nominal annual rate if compounding is bi-monthly? a: 11.52% b. 11.30% C10.71% d. 11.63% e. 10.53%