Suppose that an investment promises to pay a nominal 6.00% annual rate of interest. What is the effective annual interest rate on this investment assuming that interest is compounded quarterly? 6.14\% 6.00% 1.50% 6.09\% Ivana Waite also plans invest $3,000 a year, on each birthday, at 6%, and will do so for a total of 35 years. However, she will not begin her contributions until her thirty-first birthday. How much will Ivana's savings programs be worth at the retirement age of 65 ? $334,304.34 $105,000.00 $357,362.60 $414,710.64