a) The nominal rate of discount per annum payable quarterly is 8%. Calculate (i) The equivalent nominal rate of interest per annum payable monthly. (3 marks) (ii) The equivalent nominal rate of discount per annum payable half-yearly. (iii) The equivalent force of interest. (3 marks) (2 marks). (b) A bank agrees to lend 10,000 now and X three years from now in exchange for a single repayment of 75,000 at the end of 10 years. The bank charges interest an annual effective rate of 6% for the first 3 years, and at a force of interest t=t+11,t3. Calculate X. (7 marks)