What is the effective annual rate (EAR) for a nominal rate (quarterly compounding) of 5.35% ? SET YOUR CALCULATOR TO 4 DECIMAL PLACES THEN INPUT THE NUMBER AS PERCENTAGE ROUNDING TO 2 DECIMALS. DO NOT ENTER THE \% SYMBOL..i.e. if your answer is 7.7711%, enter it as 7.77 . Question 8 1 pts What is the present value of an annuity that pays $68 per year for 14 years and an additional $1,000 with the final payment? Use an annual effective interest rate of 8.75%. $979 $840 $945 $846 $920