Q7

Cassandra wanted to ensure that he had $70,000 for his child's university education. As soon as his child was born, he started saving $1,275 every 6 months in an investment fund. If he achieved his investment target on his child's 21 st birthday, and he made no deposit on the child's 21 st birthday, calculate the following: a. The nominal interest rate for the a. The nominal interest rate for the investment, compounded quarterly. % Round to two decimal places. b. Calculate the effective interest rate for this investment