Ross Land has a loan of $8,500 compounded quarterly for five years at 4%. What is the effective interest rate for the loan? Click here to view page 1 of the future value table. Click here to view page 2 of the future value table. The effective interest rate is (Round to two decimal places as needed.) 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)^N