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(e) John will graduate from high school after 7 years and he is now planning for the financial matters of his undergraduate program. Annual tuition

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(e) John will graduate from high school after 7 years and he is now planning for the financial matters of his undergraduate program. Annual tuition fees will be $20,000 annually for four years. His uncle promised to help him by depositing $7,000 each year, from end of current year, into a bank account bearing 8 percent interest for the next 7 years. Will John be able to settle his fees with this arrangement? (7 marks) (d) Alice borrowed $10,000 from a bank with 13 percent interest rate and it is scheduled to be settled within three years. As her financial advisor, prepare amortization schedule for Alice. (8 marks)

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