with that formula given whats this Question content area top Part 1 Bill Baxter has $27 comma 000 to invest for a year. He can lend it to his sister who has agreed to pay 6 % simple interest for the year. Or, he can invest it with a bank at 4 % compounded quarterly for the year. How much additional interest would the simple interest loan to his sister generate? Find the effective interest rate for both investments