Question: ( 1 5 Points ) Juan is considering a new savings plan with a quarterly interest rate of 3 % . To avoid penalties upon

(15 Points) Juan is considering a new savings plan with a quarterly interest rate of 3%. To avoid penalties upon withdrawal, any funds invested must remain in the plan for at least six years. Explore the following aspects: (a) Determine the nominal interest rate. (b) Calculate the annual effective interest rate. (c) If Juan invests $14,000 in the plan at present, ascertain its projected value after six years.

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