Sinclair does not believe in debt and will only pay cash for all purchases. He has already saved up $140,000 toward the purchase of a new home with an estimated cost of $300,000. Sinclair is looking at investing with one the following two financial institutions: Royal Bank of Canada (RBC) and Toronto Dominion Bank (TD Bank). Each bank is offering the following rate of return on investments: RBC -7.5% compounded monthly TD Bank -7.7% compounded quarterly a) Which institution should he choose to invest with? Ensure you provide justification for your answer. b) How much will his payments be if he wants to purchase his home in five years? Use the interest rate stated above for the chosen financial institution from part a). Round final answer to two decimal places