3.1 An interest rate is quoted as 5% per annum with semiannual compounding. What is the equivalent rate with (1) annual compounding, (2) monthly compounding, and (3) continuous compounding? (b) Suppose that a lender quotes the interest rate on loans as 8% per annum with continuous compounding. If interest is actually paid: (i) quarterly, or (ii) monthly, how much interest will be paid on a $1,000 loan (i) each quarter, or (ii) each month