Question 2 A father is planning a savings program to put his daughter through university. His daugh ter is now 13 year old. She plans to enroll at the university in 5 years, and it should take h er 4 years to complete her education. Currently, the cost per year (for everything - her foo d, clothing, tuition, books, transportation, and so forth) is GHC 12,000 per year. This costi s expected to remain constant throughout the four-year university education. The daught er recently received GHC 7,500 from her grandfathers, estate; this money will be invested at a rate of 8% to help meet the costs of the daughter's education. The rest of the costs will be met by money the father will deposit in a savings account which also eams 8 per cent compound interest per year. He will make 5 equal deposits into the account, one dep osit per annum starting one year from now until his daughter starts university. These dep osits will begin one year from now. (Assume that school fees are paid at the beginning o f the year) i) What will be the present value of the cost of 4 years of education at the timet he daughter turns 18? ii) What will be value of the GH 7,500 that the daughter received from her grand father's estate when she starts college at 18? iii) If the father is planning to make the fist of 5 deposits one year from now, how large must each deposit be for him to able to put his daughter through colleg