take x= 2

2. Ali is a college professor who has a daughter starting university in 10 years from today. The cost of a four- year university degree in 10 years is expected to be Rs. 5x0,000 per year. Tuition for the year is paid at the start of the academic year. Ali wants to put aside a fixed annual saving at the end of every year in a savings account offering (2 + x)% annual return. What is the annual savings Ali needs such that he has enough funds available to pay for his daughter's four-year university degree by the time she enrolls. (15) 3. A college graduate has mortgaged a small apartment with a bank loan of Rs. 3 million at an annual interest of (3 + x)%. The term of the mortgage is 20 years with equal monthly installments. If the first monthly installment is due at time zero, what is the principal and interest of the third installment? [15]