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Ryan needs $5600 to buy an engagement ring. His friend agrees to lend him $5600...

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Question

Accounting

Ryan needs $5600 to buy an engagement ring. His friend agrees to lend him $5600 to be repaid with interest in one year at a nominal annual interest rate of 5% but with interest
compounded quarterly.
(1) What is the effective annual rate of interest?
%(Please keep three decimals)
(2) How much does Ryan need to pay his friend at the end of the year?
$
(Please keep two decimal)
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