3) Answer thefolowing: (36 marks) a) Which is the best investment a GIC that pays 4.7% yearly, an investment that pays 4.5% compounded monthly, or an ETF that pays 4% the first year, 4.6% the second year, 5.1% the third year, then repeats? (Assume you invest for a number of years that are a multiple of 3.) b) Which is greater: $1337 now or $2017 in real terms in 11 years. Interest rates are 5.6% and inflation is 1.2%. Show 2 ways. c) You want to set up an Econ 299 scholarship that pays $299 every r for 42 years. How much would you have to invest today to fund that scholarship if interest rates were 3.4%? d) Right now you rent a townhouse for $18,750 a year. You have the opportunity to buy an identical townhouse for $320,000. You expect the townhouse to be worth $325,000 next year, maintenance to be 5% a year, and interest rates are 4%. Should you buy or rent