Clear understandable procedure for rating as Im not familiar. Answers are in red

1. Identify the following interest rate statements as either nominal or effective: (a) 1.3% per month compounded weekly. (b) 0.5% per week com- pounded weekly; (c) effective 15% per year com- pounded monthly; (d) nominal 1.5% per month compounded daily, and (e pounded quarterly ) 15% per vear com- 2. An interest rate of 16% per year compounded quarterly is equivalent to what effective interest rate per year? (16.98%) 3. What nominal interest rate per year is equivalent to an effective 12% per year compounded quarterly? (11.49%) 4. What effective interest rate per quarter is equal to a nominal 2% per month compounded continuously? (6.18%) 5. A present sum of S50,000 at an interest rate of 12% per year compounded quarterly is equivalent to how much money 8 years ago? ($19,416)