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QUESTION 4 (25 marks) (a) Kelly Jones purchased an educational scheme for her 7 years old son, Garreth Jones. In the policy stated she needs to pay RM2,400 per year for 10 years period. If the interest rate is 7 percent, compute the amount of money that Garreth Jones will have in the educational scheme when the policy mature? (5 marks) (b) Haqiem Rusli, who recently sold his superbike, placed RM60,000 in a saving account paying annual compound interest of 8 percent. i. Calculate the amount of money that will be accumulated if he leaves the money in the bank for 4 years. (5 marks) ii. If he changes his saving into a retirement account that pays 3 percent for 20 years, compute the new accumulated value of money. (5 marks) (c) Charles Wilson just received a 1-storey house as his 20th birthday gift. If he sells the house at RM450,000 after 6th years living, he will earn 10 percent from the proceed of the house. Compute the current value of the house. (5 marks) (d) Suraya Suleyman intends to save up for a big vacation; a trip to Australia in four years from now. If she can earn 8 percent return on her investment account, how much would she have to deposit every year in order to have RM20,000 upon after 5 years