An engineering company currently pays $18,175 a quarter for insurance. They pay on the 1st day of each quarter. They have a chance to buy insurance annually for $65,000 a year payable at the start of...

Extracted text: An engineering company currently pays $18,175 a quarter for insurance. They pay on the 1st day of each quarter. They have a chance to buy insurance annually for $65,000 a year payable at the start of the year. What are the quarterly rate of return and the nominal and effective interest rates?