(c) Another client is envisaging the higher education of his daughter for a duration of four years starting 18 years from now. Having set aside money for tuition, he has requested your advice on how to plan for room and board also. The client predicts these costs to be at Mur 400,000 per year, payable at the beginning of each year. The client plans to start next year and make 17 payments into a savings account paying 5% annually, what annual payments must the client make? (10 marks) (d) Your CEO asks for your help in choosing a certificate of deposit (CD) from a bank with a one-year maturity and a fixed interest rate. The first certificate of deposit, CD No. 1, pays 4.90% APR (Annual Percentage Rate) compounded daily, and the second certificate of deposit, CD No. 2, pays 5.1% APR compounded monthly. What is the effective annual rate (the EAR) of each CD, and which CD do you recommend to your CEO? (4 marks)