QUESTION FOUR Jimmy is starting Grade 2 tomorrow (assume September 1st). Jimmy's parents anticipate that after graduation from high school i.e., completion of Grade 12), he will attend university and major in finance. They expect that the annual, all inclusive cost of university will be $20,000, to be incurred at the beginning of each year. Jimmy's parents expect it to take him a total of six years to complete both a BBA and a MBA degree and they would like to fully finance his university education. In order to do so, they intend to invest a fixed amount annually each August 31st starting next year until Jimmy is ready to begin university, at which point they wish to have exactly enough money saved to pay for his education. Assume that the annual interest rate will remain at 10% until Jimmy starts university and that it will be 8% thereafter. Assume Jimmy completes his schooling without repeating any courses or grades. Assume no income taxes apply. How much money should Jimmy's parents invest each year so that his university education is exactly financed