Question 8 [6] A father wants to save in advance for his 8-year-old daughter's college expenses. The daughter will enter the college 10 years from now. An annual amount of R20,000 in today's rands (constant rands) will be required to support the college for 4 years. Assume that these college ho payments will be made at the beginning of the school year. The future general interest rate on the savings account will be 8% per annum during this period. What is the equal amount the father must save at the end of each year (in actual rands) until his daughter goes to college