1. Akbar plans to pay for her sons postgraduate degree for 4 years starting 8 years from today. He estimates to pay an annual tuition fee will be $40,000 once his son starts his course. The tuition fees are payable at the beginning of each year. How much money must Akbar invest every year, starting one year from today, for the next seven years? Assume the investment earns 10 % annually. (4 marks)