Problem 10 - Simple and Compound Interest Find the following effective rates of interest: a) Under simple interest rate of 4%. The effective rate of interest in the 8 th year is i8=------ % b) Under simple interest rate of 4%. The effective rate of interest in the 12 th year is i12=------ % c) Under compound interest rate of 4%. The effective rate of interest in the 8 th year is i8=------ % d) Under compound interest rate of 4%. The effective rate of interest in the 12 th year is i12=------- %