Ask a new Question

• Today is December 31, 2016. Mr. Saydul Karim wants to go for his 4 years PhD program to be started at the beginning of 2020. Checking the University's website, Saydul found that the current monthly tuition fee for the program is Tk. 80,000, which is to be paid at the beginning of every month. There are 2 semesters each year and each semester is 4.5 months long. Given the fact, annual Inflation won't impact his tuition fees during the 4 years PhD program. The effective annual rate (EAR) is 9% for any savings.

REQUIRED :

Assume that Saydul will get 20% scholarship on the total tuition fees of the 4 years PhD program. Currently, he has opened a savings account with Tk. 50,000 deposited, which is compounded on a yearly basis at 10% APR. If he wants to fund the remaining of the tuition fees with end of the year deposits, what should be the amount of each deposit?