Suppose the balance of a bank account, $B(t)$, $t$ years after the initial deposit, is given by the equation $B(t)=5600 (1.077)^{t}$
a) What was the initial deposit into the account?
$

b) What is the effective annual interest rate for this account?
percent

c) If the bank compounds interest quarterly, what is the nominal annual interest rate for this account?
percent

Hint: