If the effective annual interest rate is 8.00% per year and inflation is 3.25% per year what is the real effective annual interest rate with inflation considered?An engineer plans to borrow $6,000 from his company credit union, to be repaid in 18 equal monthly installments. The credit union charges interest at the rate of 3.25% per month, compounded monthly. How much money must the engineer repay each month? An engineer deposits $1,500 in a retirement account at the end of each year. If the bank pays interest at the rate of 0.65% compounded monthly, how much money will have accumulated in the account after 10 years?