Tutoring Question In 2014, Bank A paid 2% interest, compounded daily, on a 4-year CD, while the Bank B paid 2% compounded quarterly. a. What are the effective rates for the two CDs? Use a 365-day year. b. Suppose $1000 was invested in each of these accounts. Find the compound amount after four years for each account. a. The effective rate for Bank Ais %. (Type an integer or decimal rounded to three decimal places as needed.) A department has ordered 8 new computers at a cost of $2436 each. The order will not be delivered for 3 months. What amount could the department deposit in a special 3-month CD paying 2.24% compounded monthly to have enough to pay for the machines at time of delivery? The department should deposit $ into the CD. (Do not round until the final answer. Then round to the nearest cent as needed.) 1 A company will need $65,000 in 7 years for a new addition. To meet this goal, the company deposits money in an account today that pays 9% annual interest compounded quarterly. Find the amount that should be invested to total $65,000 in 7 years. 9 The company should invest $ Jr (Do not round until the final answer. Then round to the nearest dollar as needed.) ec 50