No calculator! A particle moves in the plane so that at any time $t$, $0 ≤ t ≤ 1$, its position is given by $x(t) =\frac { 1 } { 4 }e^{8t} − 2t$ and $y(t) = e^{4t}$. What are its velocity and speed when $t =\frac { 1 } { 4 }$?