Name Question 22: An interest rate stated as nominal 12% per year compounded quarterly is the same as: A) B) C) D) effective 1% per month. nominal 1% per month. 3% per quarter. 12.68% per year. Question 23: An interest rate of 12% per year compounded continuously is the same as: Nominal 1% per month compounded continuously Effective 1.08% per month compounded continuously. Effective 12.683% per year compounded None of the above. A) continuously C) D) Question 24: If you deposit $1000 per month into an account which pays interest at a rate of 12% per year compounded monthly, the amount of money you would have at the end of five years is nearest to: A) $6,353 B) $68,321 C) $76,234 D) $81,670 Question 25: The owner of a small business borrowed $70,000 with an agreement to repay the loan with quarterly payments over a five year time period. If the interest rate is 12% per year compounded quarterly, his loan payment each quarter is nearest to: A) $2,605 B) $5,864 C) $9,372 D) $19,419 Question 26: A metal plating company wants to set aside money now to prepare for a lawsuit it expects to face in four years. If the company wants to have $1,000,000 available at that time, how much must it set aside now in one lump surn if the account will earn 1% per month? A) $620,300 B) $711,800 C) $836,400 D) $961,000