Three Canadian banks A, B and C, each offers a different effective interest rate on its saving account. The following table provides the nominal interest rate offered by each bank along with the compounding period. (Hint: Assume 1 year to be 366 days) Bank Nominal Interest Rate Compounding Period A 8.25% daily B 8.25% Monthly 8.30% Quarterly a) For each of the three banks, find the effective semi-annual interest rate. (7 Marks) b) Which bank would you prefer to invest your money in? With that bank, how much interest would you get after 3 years on $5,000 deposit made now? (7 Marks) c) What is the nominal interest rate for a bank that offers 1.4% interest rate every two months? (4 Marks) d) Considering a new option (bank D) that offers 9% simple interest rate, would you prefer that bank over the one you chose in b) to make an investment now and have the return in 3 years? (7 Marks)