(a) Wishland Sdn Bhd is seeking a loan for a period of one year for its intended purchase of three new machines. The cost of one machine is RM75,000 and 60 percent of financing is required. Wishland Sdn Bhd is considering two alternatives of loan as follows: A loan from CIMB Islamic Bank where the bank offers 9 percent simple interest and 15 percent compensating balance A loan from Maybank Islamic Berhad where the bank offers 10 percent discount interest and 10 percent compensating balance You are required to: 1 Calculate the Effective Annual Rate (EAR) for both loans, (8 marks)