b. Thomas is planning to buy a motorbike at a price of 4,999 (assume that this amount does not change in the following 12 months). Thomas has two different choices for raising the money needed to make this purchase: i. Thomas could save 500 at the end of every month to his savings account, which pays a nominal interest rate of 6% payable monthly. Calculate how many months it will take until Thomas has saved enough money to buy the motorbike. [20% of marks for this question]