Ross Land has a loan of $8500 compounded quarterly for 5 years at 10%. What is the effective interest rate for the loan? Round to two decimal places as needed.

Future Value or Compound Amount of $1.00 Rate per period Periods 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 1.00500 1.01000 1.01500 1.02000 1.02500 1.03000 1.03500 1.04000 1.04500 1.05000 1.05500 1.01003 1.02010 1.03023 1.04040 1.05063 1.06090 1.07123 1.08160 1.09203 1.10250 1.11303 1.01508 1.03030 1.04568 1.06121 1.07689 1.09273 1.10872 1.12486 1.14117 1.15763 1.17424 1.02015 1.04060 106136 1.08243 1.10381 112551 1.14752 1.16986 1.19252 121551 1.23882 1.02525 1.05101 1.07728 1.10408 1.13141 115927 1.18769 1.21665 1.24618 1.27628 130696 1.03038 1.06152 1.09344 1.12616 1.15969 1 19405 1.22926 1.26532 1.30226 1 34010 1.37884 1.03553 1.07214 1.10984 1.14869 1.18869 122987 1.27228 1.31593 1.36086 1.40710 1.45468 1.04071 1.08286 1.12649 1.17166 1.21840 1.26677 1.31681 1.36857 1.42210 1.47746 1.53469 1.04591 1.09369 1.14339 1 19509 1 24886 1.30477 1.36290 1.42331 1 48610 1.55133 1.61909 1.05114 1.10462 1.16054 1.21899 1 28008 1.34392 1.41060 1.48024 1.55297 1.62889 170814 105640 1.11567 1.17795 124337 1.31209 1.38423 1.45997 1.53945 1 62285 1.71034 1.80209 1.06168 1 12683 1.19562 1 26824 1 34489 1 42576 151107 1 60103 1 69588 1 79586 1 90121 1.06699 1 13809 1 21355 1 29361 1 37851 1 46853 1 56396 1 66507 177220 1.88565 2.00577 107232 1 14947 1 23176 131948 1.41297 1 51259 1.61869 1.73168 185194 197993 2. 11609 Datovouw Done Showing courseMath 100 Business Math is based on Cleaves Business Future Value or Compound Amount of $1.00 88NNNNN 1.09393 1.19615 1.30734 1.42825 1.55966 1.70243 1.85749 2.02582 2.20848 2.40662 2.62147 1.09940 1.20811 1.32695 1.45681 1.59865 1.75351 1.92250 2.10685 2.30786 2.52695 2.76565 1.10490 1.22019 1.34686 1.48595 1.63862 1.80611 1.98979 2.19112 2.41171 2.65330 291776 1.11042 1.23239 1.36706 1.51567 1.67958 1.86029 2.05943 2.27877 2.52024 2.78596 3.07823 1.11597 1.24472 1.38756 1.54598 1.72157 1.91610 2.13151 2.36992 2.63365 2.92526 3.24754 1.12155 1.25716 1.40838 1.57690 1.76461 1.97359 2.20611 2.46472 2.75217 3.07152 3.42615 1.12716 1.26973 1.42950 1.60844 1.80873 2.03279 2.28333 2.56330 2.87601 3.22510 361459 1.13280 1.28243 1.45095 1.64061 1.85394 2.09378 2.36324 2.66584 3.00543 3.38635 3.81339 1.13846 1.29526 1.47271 167342 1.90029 2. 15659 2.44596 2.77247 3.14068 3 55567 4.02313 1.14415 1.30821 1.49480 1.70689 1.94780 222129 2.53157 2.88337 3.28201 373346 4.24440 1 14987 1.32129 1.51722 1.74102 1.99650 2 28793 2.62017 2.99870 3 42970 3.92013 4 47784 1.15562 1.33450 1.53998 1.77584 2 04641 2.35657 2.71188 3.11865 3 58404 4.11614 4.72412 1.16140 1.34785 1.56308 1.81136 2.09757 2 42726 2 80679 3.24340 3.74532 4.32194 4 98395 Table shows future value (FV) of $1.00 compounded for N periods at R rate per period Table values can be generated using the formula FV = $1(1 + R) Print Done Showing Thouse (Math 100 Business Math) is based on Cleaves: Business Math, The Future Value or Compound Amount of $1.00 Rate per period Penods 6.00% 6.50% 7.00% 7.50% 8.00% 8.50% 9.00% 9.50% 10.00% 11.00% 12.00% 1.06000 1.06500 1.07000 1.07500 1.08000 1.08500 1.09000 1.09500 1.10000 1.11000 1.12000 1.12360 1.13423 1.14490 1.15563 1.16640 1.17723 1.18810 1.19903 1.21000 1.23210 1.25440 1.19102 1.20795 1.22504 1.24230 1.25971 1.27729 1.29503131293 1.33100 1.36763 140493 1.26248 1.28647 1.31080 1.33547 1.36049 1.38586 1.41158 1.43766 1.46410 1.51807 157352 1.33823 1.37009 1.40255 1.43563 1.46933 1.50366 1.53862 1.57424 1.61051 1.68506 1.76234 1.41852 1.45914 1.50073 1.54330 1.58687 1.63147 1.67710 1.72379 1.77156 1.87041 1.97382 1.50363 1.55399 1.60578 1.65905 1.71382 1.77014 1.82804 1.88755 1.94872 207616 221068 1.59385 1.65500 1.71819 1.78348 1.85093 1.92060 1.99253 2.06687 2. 14359 2.30454 2.47596 1.68948 1.76257 1.83846 1.91724 1.99900 2.08386 2.17189 2.26322 2.35795 2 55804 277308 1.79085 1.87714 1.96715 2.06103 2.15892 2 26098 2.36736 2.47823 2.59374 2.83942 3.10585 1.89830 1.99915 2.10485 2.21561 2.33164 2.45317 2.58043 2.71366 2.85312 3.15176 3.47855 201220 2. 12910 2.25219 2.38178 2.51817 2.66169281266 2.97146 3.13843 3.49845 3 89598 213293 2.26749 2.40985 2.56041 2.71962 2 88793 3.06580 3.25375 3 45227 3.88328 4.36349 2.26090 2.41487 2.57853 2.75244 2.93719 3.13340 3.34173 3.56285 3.79750 4.31044 4.88711 onto 0 vooN One H otel Business Maths based on leaves: Business Math i Future Value or Compound Amount of $1.00 2.85434 3.10665 3.37993 3.67580 3.99602 4.34245 4.71712 5.12217 5.55992 6.54355 7.68997 3.02560 3.30859 3.61653 3.95149 4.31570 4.71156 5.14166 5.60878 6.11591 7.26334 8.61276 3.20714 3.52365 3.86968 424785 4.66096 5.11205 5.60441 6.14161 6.72750 8.06231 9.64629 3.39956 3.75268 4.14056 4.56644 5.03383 5.54657 6.10881 6.72507 7.40025 8.94917 10.80385 3.60354 3.99661 4.43040 4.90892 5.43654 6.01803 6.65860 7.36395 8.14027 9.93357 12.10031 3.81975 4.25639 4.74053 5.27709 5.87146 6.52956 7.25787 8.06352 8.95430 11.02627 13.55235 4.04893 4.53305 5.07237 5.67287 6.34118 7.084577.91108 8.82956 9.84973 12 23916 15. 17863 4.29187 4.82770 5.42743 6.09834 6.84848 7.68676 8.62308 9.66836 10.83471 13.58546 17 00006 4.54938 5.14150 5.80735 6.55572 7.39635 8.34014 9.39916 10.58686 11.91818 1507986 19.04007 4.82235 5.47570 6.21387 7.04739 7 98806 9.04905 10.24508 11.59261 13 10999 16.73865 21 32488 5.11169 5.83162 6.64884 7.57595 8.62711 9.81822 11.16714 12.69391 14.42099 18.57990 23.88387 5.41839 6.21067 7.11426 8.14414 9.31727 10.65277 12 17218 13.89983 15 86309 20.62369 26.74993 574349 6.61437 761226 8.75496 10.06266 11.55825 13 26768 15.22031 17 44940 22.89230 29.95992 Table shows future value (FV) of $1.00 compounded for N periods at R rate per period Table values can be generated using the formula FV=S1(1+R) Print Done his course 1 Business