(a) (i) Shyam wish to receive $6,000 seven years from today which has a discount rate of 10% and compounded. How much must he save now. (4 marks) (ii) How much must he save now if he wishes to receive $15,000 Seven years from today which has a discount rate of 10% and compounded monthly. (4 marks) (b) Christopher wants to have $50,000 at the end of 10 years. To accumulate this sum, he has decided to save a certain amount at the end of each of the next 10 years and deposit it in the bank. The bank pays 8 percent interest compounded annually for long-term deposits. How much will Christopher have to save at the end of each year (to the nearest dollar)? (6 marks) (c) Manguire has just bought a car on hire purchase which will paid at the start of each month amounting to Rs 1000 monthly. If the annual interest rate is 6%. Calculate the present value of the full year. (6 marks)