b. Max wants to raise funds by issuing eighty 180-day bank bills, each with a face value of $10 000. The current yield on such bank bills is 5.4% p.a. Max must pay $25 000 of fees and charges associated with this financing activity. (i) [2 marks] Calculate the real cost of borrowing if fees and charges are paid on the date of issue. Express the cost as a rate of simple interest, as a percentage, rounded to 2 decimal places. Include a neatly drawn cash flow diagram that summarises Max's transac- tion. (ii) (2 marks] Calculate the real cost of borrowing if fees and charges are paid on the maturity date. Express the cost a rate simple interest, as a percentage, rounded to 2 decimal places