6. (a) After 7 years, Mei Ling's savings have increased from RM1,000 to RM1,835. What is the interest rate per year that has been promised if the interest rate is compounded every month? (4 marks) (b) Nancy intends to keep RM10,000 in a bank for 3 years. i. If Bank A offers simple interest at 11% per year, what is the amount of Nancy savings aer 3 years if she saves in bank A? (2 marks) ii. Bank B offers compounded interest annually. What is the lowest interest rate that Bank B should offer to attract Nancy attention? (4 marks) (c) A credit card company charges 1.25% per month on the outstanding loan balance. Determine i. the nominal rate compounded on a monthly basis. (2 marks) 11. effective rate. (2 marks)