Question 2. A BCIT alumnus wants to set up a scholarship fund for students that will award a scho larship of $1,000 every three months forever. If the invested funds earn 4% compounded quarterly, how much money should he donate if the first scholarship will be paid 2 years after the funds are deposited? (6 marks] Time BGN P/Y C/Y N I/Y PV PMT FV BGN P/Y C/Y N I/Y PV PMT FV Answer (2 decimals): Question 3. Business has been slow so you cannot afford to pay the bank the $12.000 that is due today. The bank agrees to let you pay $7.000 today plus two equal payments at the end of 8 months and one year. The interest rate is 12 = 12%. Use 8 months as the focal date. a Draw a well-labelled time diagram 2 marks