On January 1 of Year 1 , Brian opens an investment account where interest is credited at a nominal interest rate of 8% convertible quarterly. Brian deposits $1000 at account opening and $100 at the beginning of every subsequent month (i.e. starting from February, Year 1). On April 1 of every year, Brian makes a tax payment from this account on his interest income. The tax is calculated as 25% of the total interest earned in the previous calendar year. (A calendar year is a one-year period between January 1 and December 31.) Brian has no other source of interest income, and did not receive any interest prior to opening this investment account. Answer questions 6-8 based on the information above. All numerical solutions must be rounded to the nearest two decimal places. Any rate's accuracy is based on percentage and therefore the number itself should be accurate to the fourth decimal place (e.g. 0.0123 or 1.23% ). To preserve accuracy, do not round until the last step or use at least 4 decimal places for monetary amount and 6 decimal places for rates in your calculation process. What effective monthly discount rate is equivalent to the 8% nominal interest rate of Brian's account? Enter your answer as a decimal (e.g. 1.23\% should be entered as 0.0123). Question 7 1 pts Calculate Brian's interest tax payment in Year 2. (Note that this is for the interest income in Year 1.) Calculate Brian's account balance at the end of Year 2. On January 1 of Year 1 , Brian opens an investment account where interest is credited at a nominal interest rate of 8% convertible quarterly. Brian deposits $1000 at account opening and $100 at the beginning of every subsequent month (i.e. starting from February, Year 1). On April 1 of every year, Brian makes a tax payment from this account on his interest income. The tax is calculated as 25% of the total interest earned in the previous calendar year. (A calendar year is a one-year period between January 1 and December 31.) Brian has no other source of interest income, and did not receive any interest prior to opening this investment account. Answer questions 6-8 based on the information above. All numerical solutions must be rounded to the nearest two decimal places. Any rate's accuracy is based on percentage and therefore the number itself should be accurate to the fourth decimal place (e.g. 0.0123 or 1.23% ). To preserve accuracy, do not round until the last step or use at least 4 decimal places for monetary amount and 6 decimal places for rates in your calculation process. What effective monthly discount rate is equivalent to the 8% nominal interest rate of Brian's account? Enter your answer as a decimal (e.g. 1.23\% should be entered as 0.0123). Question 7 1 pts Calculate Brian's interest tax payment in Year 2. (Note that this is for the interest income in Year 1.) Calculate Brian's account balance at the end of Year 2