Abdullah live in Dubai, deposits $3,000 today into an account that pays 10% per year, and follows it up with 3 more deposits at the end of each of the next three years. Each subsequent deposit is $2,000 higher than the previous one. While Maryam lived in kuala lumpur has been faithfully depositing $2,000 at the end of each year for the past 10 years into an account that pays 8% per year. On other hand, Rashid from Kuwait wants to make sure that he has saved up enough money prior to the year in which his daughter begins college. Based on current estimates, he figures that college expenses will amount to $40,000 per year for 4 years (ignoring any inflation or tuition increases during the 4 years of college).

Q1. Clarify how much money will Abdullah have accumulated in his account by the end of three years? (5marks)

Q2. Analyze how will be the amount of money that Maryam should have accumulated in the account? (5marks)

Q3. Calculate how much money will Rashid need to have accumulated in an account that earns 7% per year, just prior to the year that his daughter starts college?

(5marks)