QUESTION 2 You would like to buy a new iPhone. Someone you know has offered to sell you one. That person has assured you that it is the original and delivery will include an official receipt from Apple and an official Apple warranty. Payment for this purchase has to be made in installments as per the table below, assuming that the purchase is made on 1 November 2019. Payment number 3 Due end of December 2019 February 2020 April 2020 June 2020 August 2020 October 2020 Amount Payable RM1,000 RM1,000 RM1,000 RM1,000 RM1,000 RM1,000 5 6 The person selling this iPhone to you has said that the bimonthly installment payment plan is "interest-free". You check on Apple's website and you discovered that the model this person is offering to sell to you costs RM5,500 (payable in cash). i. Demonstrate that the proposed installment payment plan is in fact not really interest- free. What annual rate of interest" can we assume that this person is charging, albeit implicitly? Note: Assume bimonthly compounding. (2 + 3 marks = 5 marks)