Q4. Mr. Waqas obtains an asset under Ijarah from an Islamic bank. The asset has a value at the start of the contract ofPKR 68.000 andis estimated to have a useful economic life of 3. The contract starts on 1 January Year i and lasts 3 years; the trader doesnot have the option to cancel the contract early. The trader agrees to pay equal monthly installments, andthe first payment made by the trader will be at the start of the contract. Furthermore, the trader will pay the residual value at the end of the third year and will purchase the asset. The estimated value ofthe asset after 3 years is PKR 10.000. and thisis also the guaranteed minimum value of the asset at the end of year 3. The profit rate by the bank is 10%. Required: Calculate monthly payments and Islamic Bank's profit (20 min. 20 points) N