The value of a 7 year lease that requires payments of $550 made at the beginning of every quarter is $12,900. What is the nominal interest rate compounded quarterly? Select the correct answer. No work needs to be shown. 5.46% 21.84% 6.89% 4.94% A college wants to provide students with a perpetual scholarship of $2,000 at the end of every quarter. How large should its endowment fund be if money can earn 8.40\% compounded quarterly? Select the correct answer. No work needs to be shown. $93,838.10 $96,738.10 $95,238.10 $98,338.10