How much should Liz invest at 9% per year, compounded quarterly, so that she will have $10,000 at the end of 8 years?
9. Find the effective rate at 8% compounded:
a. semiannually,
b. quarterly,
c. daily.
10. John wants to deposit his savings at the end of every three months, i.e. every quarter, so that he will have $30,000 in five years. The account will pay 6% interest per year, compounded quarterly. How much should he deposit every quarter? (Hint: annuity problem)