3. Lolwah plans to save for her 5-year doctorate degree, which starts 6 years from now. The current total expenditure is $7,200 and it is expected to grow by 7 percent when she stars her study. She identifies a savings plan that allows her to earn an interest annually of 8 percent. How much should Lolwah deposit each year, starting one year from today? (Assume that she plans to make 5 payments.) 4. Aisha is a pension fund manager. According to her estimates, retirees will be paid benefits worth $800,000 annually 12 years from now. Given a discount rate of 6 percent, what is the present value of the payments today if these annuity payments start at the beginning of the year rather than at the end of each of the next twelve years