Q2. Carlos and Martha wanted to ensure that they had $100,000 for their child's future plans. As soon as their child was born they started saving $500 every quarter in an investment fund. If they...

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Extracted text: Q2. Carlos and Martha wanted to ensure that they had $100,000 for their child's future plans. As soon as their child was born they started saving $500 every quarter in an investment fund. If they achieve their investment target on their child's 21* birthday, calculate the nominal and effective annual rate compounded quarterly for the investment. Assume no deposit was made on the child's 21st birthday.