FINANCIAL MATH

a) Najib deposited RM 50,000 in Bank Islam that earned RM 2,297 in interest for a past year. He also put RM 40,000 money in Bank Rakyat and earned interest of RM 2,237.60 last year. i) ii) Find the effective interest rate for each bank. Which bank would you recommend him to use for future saving and why? Najib wants to buy a RM 1,000,000 condominium in Pavilion, Kuala Lumpur and needs to pay 10% down payment to avoid private mortgage insurance charges. Assuming that he does not make any contributions to his current savings in (ii), how long does he have to wait to achieve his savings goal