1. Let i be the annual effective interest rate and let v = (1 + i)-! Explain in your own words the meaning of the following: (a) 245 to: = 360 3 marks (b) 24a To: +10010 = 210 4 marks (c) 240 = 210 (3 marks) (d) m. = 7 4 marks) 1. Let i be the annual effective interest rate and let v = (1 + i)-! Explain in your own words the meaning of the following: (a) 245 to: = 360 3 marks (b) 24a To: +10010 = 210 4 marks (c) 240 = 210 (3 marks) (d) m. = 7 4 marks)