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Ryan needs $5300 to buy an engagement ring. His friend agrees to lend him $5300 to be repaid with interest in one year at a

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Ryan needs $5300 to buy an engagement ring. His friend agrees to lend him $5300 to be repaid with interest in one year at a nominal annual interest rate of 5% but with interest compounded quarterly. (1) What is the effective annual rate of interest? \% (Please keep three decimals) (2) How much does Ryan need to pay his friend at the end of the year? (Please keep two decimal)

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