Kai is planning to start a new business. He wants to save $50000 in the next 3 years. He figures he can do this by making $1294.06 deposits at the end of each month for the next 3 years. a) What is the nominal annual interest rate compounded monthly? b) Define a drop payment. 3 years later, he has his $50000. He figures his startup expenses will be $15000 per month. c) How many months until he runs out of money, if his last month's expenses are a balloon payment? (Use the interest rate from part a).)