• Starting next year, your daughter Maryam will need $35,000 annually for 5 years to complete her Masters degree in a field of dentistry called orthodontics, at the New York University in the USA.
• Therefore, exactly one year from today, Maryam will need to make her first withdrawal of $35,000.
• Since you like to plan your familys finances well in advance, you have decided to deposit a specific amount today in a local HSBC branch, from which Maryam can receive the needed $35,000 every year.
• This bank account will be paying a 10% annual interest rate for the duration of your investment there.
• When answering the questions that follow, show all formulas used, workings, notes, and calculations, along with the final answer.

1. Using the relevant time value of money concepts, determine how large must this deposit has to be.

2. Calculate how much money Maryam will have in her HSBC bank account right BEFORE she makes the first withdrawal.

3. Estimate how much money Maryam will have in her HSBC bank account right AFTER she makes the first withdrawal.

4. Compute how much money Maryam will have in her HSBC bank account right BEFORE she makes the last withdrawal.