After graduating from JCU, David has been working in a local company as a finance manager for 2 years. He is currently earning $4,000 per month. Over the last 2 years, he has successfully saved $20,000 in his bank account. However, David is considering investing his savings to fund for his childrens education expenses. He feels that based on the increasing cost of education in Singapore, he will need $200,000 in 6 years to pay off his children overall education fees throughout their elementary school period. Assuming Davids salary stays constant throughout 6 years from now. If David decides to invest (i) his savings $20,000 as a single investment and (ii) invest his $2,000 every month from his monthly disposal income. However, he wants to take a lower risk, which gives him an average rate of return of 4% p.a., will he have $200,000 he needs to establish his children education fund in 6 years? What expected return David should seek to grow all his investments (both lump sum savings and monthly savings) to $200,000 in 6 years? If he invests all his monies in an investment with 12% return p.a., how long will it take David to achieve his children education fund?