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please show steps ,thanksss (a) Kenneth has $1,000,000 in his investment account now i.e. Year 0). He has decided to save $100,000 at the end

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please show steps ,thanksss

(a) Kenneth has $1,000,000 in his investment account now i.e. Year 0). He has decided to save $100,000 at the end of Year 1, $103,000 at the end of Year 2, $106,090 at the end of Year 3, and so on (i.e. increasing by around 3% cach year) until the end of year (20+2). What is the total amount that Kenneth will have accumulated at the end of year (20 +2) assuming that the annual rate of return is 10%? (Round up your final answer to thousand dollars.) (8 marks) (b) ABC Company, a large hi-tech company, has recently set up a scholarship for university students that have won their innovation project competition organized at the end of each year. With an estimated amount of $100,000 for the first year, they planned to step up the scholarship with uniform increases to a total of $1,000,000 by the end of year (10+2). (i) What is the value of the gradient for the growing scholarship? (Correct your final answer to 2 decimal places.) (3 marks) (ii) Given the discount rate is 6%, what is the present value of the scholarship for all these years, based on the answer in Part (i)? (Round up your final answer to thousand dollars.) (8 marks)

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