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show all work 3. (25) a. (15) A bank pays 2.4% interest on a 10 year CD compounded monthly. Find the effective annual interest rate

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3. (25) a. (15) A bank pays 2.4% interest on a 10 year CD compounded monthly. Find the effective annual interest rate to three decimal places (x.yzk%). b. (10) You have the opportunity to invest $10,000 in a project that will return $X five years from now. If the interest rate is 10%, what value of X makes the present worth equal to zero

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