You want to invest $20,000 and are looking for safe investment options. Your bank is offering you a certificate of deposit that pays a nominal rate of 10% that is compounded bimonthly (every two months). What is the effective rate of return that you will earn from this investment? 10.511% 10.426% 10.547% 10.609% Suppose you decide to deposit $20,000 in a savings account that pays a nominal rate of 6%, but interest is compounded daily. Based on a 365-day year, how much would you have in the account after nine months? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.) $20,920.65 $21,966.68 $20,293.03 $21,652.87