On 1st January 2021, Lily entered into an investment that earns 8% annual interest rate. (1) Calculate the quarterly effective rates earned for the period from beginning of March 2021 to end of May 2021 and beginning of December 2021 to end of February 2022, if the given rate is (A) a compound interest rate. (B) a simple interest rate. (5 marks) Compare and explain the answer obtained in (c)(i) (3 marks) (ii)