Grant is going to establish a University Fund for his daughter Kate, who is three year's old. He plans to make the first deposit of $15,000 today and make another 4 annual deposits of this amount. After this, annual deposits of $20,000 will be made until Kates 17^th birthday. Given the long-term nature of the investment, Grant anticipates an 5% pa return. The money is then to be transferred to an account for Kate on her 17th birthday and she will then withdraw the money in equal annual amounts for 5 years starting on her 18^th birthday. Kate will only be able to earn 3% pa on her money. Ignore tax in your calculations.

(i) How much money will be available on Kates 17^th birthday?

(ii) How much will Kate be able to spend each year?