(Question 3 - 4 marks) Mr X wants to fund his grandsons education. He wants his granson to be able to draw 18,000 in 18 years from now for a period of 5 years. He wants to set up a periodic savings plan to do so. If he makes equal annual payments into a savings account that pays 6% per year, how large must his payments be to ensure that his grandsons education is funded Present Value of annuity 14 * (1- (1/(1+i)^n)) Future Value ((1+1)^n-1)