Jonathan has a series of questions about his future financial plans. a) Jonathan wants to save for his retirement every year so that he has Rs 3 million. If there are 30 years until he retires and the current savings rate is at 8%, how much will he have to save at the beginning of each year to achieve his goal? [7 marks] b) Jonathan also plans to rent a house for the next 10 years. He will have to pay Rs 5,000 at the beginning of every month. If the interest rate is at 7% per annum, compounded annually, what is the future value of the rent price at the end of the 10 years? [6 marks] c) Jonathan's friend, John, has asked him if he could lend him Rs 500 000 to buy a new car. John promises that he will be able to make monthly payments of Rs 10 000 every month. Jonathan is willing to lend John the money at a monthly interest rate of 3%. Help Jonathan find out how long it will take for all the payments to be made. [6 marks] Quantitative Finance 1 - DFA1232(1) Page 3 of 3 d) Jonathan also