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Question 3 of 3 Devin wanted to ensure that he had $ 7 0 , 0 0 0 for his child's university education. As soon

Question 3 of 3
Devin wanted to ensure that he had $70,000 for his child's university education. As soon as his child was born, he started saving $1,100 every 6 months in an investment fund. If he achieved his investment target on his child's 20th birthday, and he made no deposit on the child's 20th birthday, calculate the following:
a. The nominal interest rate for the investment, compounded quarterly.
%
Round to two decimal places.
b. Calculate the effective interest rate for this investment.
%
Round to two decimal places.
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