Question: 12.Solve the following problem using either Table 11-1 or Table 11-2 from your text. When necessary, create new table factors. (Round new table factors to

12.Solve the following problem using either Table 11-1 or Table 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent)

Omar invests $3,750 at 8% interest, compounded semiannually for 4 years. Calculate the effective interest rate for his investment. (Round to nearest hundredth percent.)

7.84%. 8.00% 8.16%. 8.32%

13.Calculate the present value (principal) and the compound interest (in $). Use Table 11-2. Round your answers to the nearest cent.

Compound Amount	Term of Investment	Nominal Rate (%)	Interest Compounded	Present Value	Compound Interest
$28,000	6 years	4	semiannually	$	$

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