Your bank offers a savings account that pays a stated (nominal) interest rate of 12 percent...

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Finance

Your bank offers a savings account that pays a stated (nominal)interest rate of 12 percent per year, compoundedquarterly.
Requirement 1:
If you deposit $8,000 today into this account and leave itinvested for 6 years, how much will you have in the account at theend of Year 6? (Enter rounded answer asdirected, but do not use rounded numbers in intermediatecalculations. Round your answer to 2 decimalplaces (e.g., 32.16).)
Account Balance $
Requirement 2:
What is the effective annual interest rate earned on moneyinvested in this account? (Round your answer to 2 decimalplaces (e.g., 32.16).)
Effective Annual Rate %
Requirement 3:
What is the highest effective annual rate attainable with a 12percent nominal rate? (Round your answer to 2 decimalplaces (e.g., 32.16).)
Highest Effective Rate %

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Your bank offers a savings account that pays a stated (nominal)interest rate of 12 percent per year, compoundedquarterly.Requirement 1:If you deposit $8,000 today into this account and leave itinvested for 6 years, how much will you have in the account at theend of Year 6? (Enter rounded answer asdirected, but do not use rounded numbers in intermediatecalculations. Round your answer to 2 decimalplaces (e.g., 32.16).)Account Balance$ Requirement 2:What is the effective annual interest rate earned on moneyinvested in this account? (Round your answer to 2 decimalplaces (e.g., 32.16).)Effective Annual Rate%Requirement 3:What is the highest effective annual rate attainable with a 12percent nominal rate? (Round your answer to 2 decimalplaces (e.g., 32.16).)Highest Effective Rate%