Question 1 [10 Marks] Phuc owns a commercial building that will need a major renovation five years from now. The renovation cost at that time will be $1,000,00 Phuc has just started a savings account which earns Interest of 12% p.a. compounded quarterly. He will make equal quarterly payments the savings account. Each payment will be made at the end of each quarter, so the first payment will be made in one quarter's time. a. What is the annual effective rate in %? (round your answer to 2 decimal places) [2 marks] %