Two accounts have a nominal rate of 7.8% but are compounded differently. a. Find the eflective rate of an acount it the balance is Q = 1600(1+0078)". when there is a nominal rate of 78% compounded quarterly b. Find the effective rate of an account if the balance is Q = 1600, 0.078 when there is a nominal rate of 7.8% compounded continuously. a. First solve the equation 1600b} = 16001+ (1+0078) * where t is in years 1800(1.0803 * = 1600(1+0078)" (Round to four decimal places as needed.) The effective rate is %. (Round to two decimal places on noodod.)