Suppose that you are obtaining a personal loan from your uncle in the amount of $20,000 (now) to

be repaid in two years to cover some of your college expenses. If your uncle usually earns minimum

8% profit (annually) on his money, which is invested in various sources.

a) What minimum lump-sum payment two years from now would make your uncle happy?

b) If you pay yearly, how much should you pay each year?

c) If you pay every six months, how much should you pay every six months?