Question: 1. You put your money in a passbook savings account in which the interest rate is 4.2% per year compounded daily. What is the effective annual percentage rate?
2. How much money would be accumulated in 8 years if an investor deposits $2, 500 now at a nominal interest rate of 8% per year compounded semiannually?
3. If a person made a lump-sum deposit 12 years ago which has accumulated to $9, 500 now, how much was the original deposit if the interest rate received was a nominal' 4% per year compounded monthly?