Consider the following situation; $(6$ Marks$)$ a$.$ What is the return in lending a $\backslash (\backslash$$ $1000\backslash )$ for $3$ years at $\backslash (10\backslash \%\backslash )$ per year simple interest? daily. What b$.$ A credit card company charges a nominal $\backslash (24\backslash \%\backslash )$ interest on the overdue accounts, compounded $(6$ Marks $)$ is the effective interest rate? $($Assume $1$ year is $365$ days$)$ c$.$ A new investment is expected to make a return of a nominal interest of $\backslash (40\backslash \%\backslash ),$ compounded continuously. What is the effective interest rate you could earn by this investment? $(6$ Marks$)$ d$.$ The repair costs of a copy machine is expected to increase by $\backslash (\backslash$$ $500\backslash )$ every six months over the next four years, starting with $\backslash (\backslash$$ $500\backslash )$ now. What is the present worth of the repair costs if the interest rate is $\backslash (12\backslash \%\backslash )$ compounded monthly? $(7$ Marks$)$