b) You are saving for a vacation by taking $100 out of your paycheck each month and putting it into a savings account that pays 3% nominal interest, compounded monthly. How long will it take for you to be able to take that $3,000 vacation? c) What is the equivalent effective interest rate for a nominal rate of 5% that is compounded... i. Semi-annually ii. Quarterly iii. Daily iv. Continuously d) You have your choice of two loan options. (1)You can borrow $10,000 at an interest rate compounded at 1% per month. (2) Or you can borrow $10,000 at a compound annual interest rate of 13%. If you expect to pay back the loan 4 years from now, which loan option will you take to minimize the amount of interest you are charged