Problem
Fred is a sales engineer who conducts much of his business at an exclusive country club. If his dues are paid annually, they are $3600. If paid quarterly, the payments are $1000 each. If Fred's company pays the dues annually, what effective annual interest rate is it earning?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.