Q2)b) only

Q2 (a) (i) Find the effective rate which is equivalent to 6% compounded monthly (4 marks) (CLO3:PLO6:C3)(CLO3:PL07:C3) (ii) Danny wishes to borrow some money to finance some business expansion. He has received two different quotes: Bank A: offers 6.1% compounded annually. Bank B: offers 6% compounded monthly. Which bank provides a better deal for him? Explain. (5 marks) (CLO3:PL06:C4)(CLO3:PL07:C4) (b) Ranjit invested RM 100000 at 6.2% compounded annually. This investment will be given to his two children when they reach 18 years old. Now, his two children are 2 and 5 years old. If his two children will receive equal amounts, find the amount each will receive. (6 marks) (CLO3:PLO6:C3)(CLO3:PL07:C3)