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Anonymous
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Asked: 2022-08-16T22:16:39+02:00 In:

Suppose you are the eldest in your family and after your current studies, you will get a very nice paying job that allows you to send your brother to university in three years. You expect he will get a scholarship that will pay two thirds of the tuition fees so you estimate that your one third will be N$11 000 a year for four years.

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Suppose you are the eldest in your family and after your current studies, you will get a very nice paying job that allows you to send your brother to university in three years. You expect he will get a scholarship that will pay two thirds of the tuition fees so you estimate that your one third will be N$11 000 a year for four years. To estimate whether you have set aside enough money, you ignore possible inflation in tuition payments and assume that you earn 8% annually on your investments. How much should you set aside now to cover these payments, if any?

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