Answer Happy

The treasurer of a credit union proposes changing the method of compounding interest on premium savings accounts to daily compounding. If the current rate is 8.7% compounded monthly, what nominal rate should the treasurer suggest to the board of directors to maintain the same effective rate of interest? The new nominal rate of interest should be %. (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)
Find the nominal annual rate of interest compounded quarterly that is equivalent to 7.9% compounded semi-annually. The nominal annually compounded rate of interest is %. (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)