please explain the formula and answer. thanks in advance!

(Show your work in detail with the original formula and steps, i.e. need to at least provide factor notation such as (F/A,i,N). The formula (such as F=P(1+i)N) will help with partial credit. If you use the interest tables in the back, make sure you find the right one since once it's wrong, there is no partial credit for the formula step. 1. Define the following concepts: MARR, nominal interest rate, effective interest rate, service project. 2. Compute the equivalent annual worth and present worth for the cash flow in the following diagram with i=12%