Suppose you can only deposit $186.29 on each January 1 from 2002 through 2005 , but you still need $1,000 on January 1,2005 . What interest rate, with annual compounding, must you seek out to achieve your goal? To help you reach your $1,000 goal, your mother offers to give you $400 on January 1, 2002. You will get a part-time job and make six additional payments of equal amounts each six months thereafter. If all of this money is deposited in a bank that pays 8 percent compounded semiannually, how large must your payments be? What is the effective annual percentage rate being paid by a bank when the nominal or stated annual interest rate is 10%, and the interest is compounded semiannually