• Today is December 31, 2016. Mr. Saydul Karim wants to go for his 4 years PhD program to be started at the beginning of 2020. Checking the University's website, Saydul found that the current monthly tuition fee for the program is Tk. 80,000, which is to be paid at the beginning of every month. There are 2 semesters each year and each semester is 4.5 months long. Given the fact, annual Inflation won't impact his tuition fees during the 4 years PhD program. The effective annual rate (EAR) is 9% for any savings.

Required

a. Draw the timeline of the tuition fees. Also, What is the total tuition fee

b. Saydul wants to pay-off the entire tuition fees in the very beginning of 2020, when his classes start. How much money does Saydul have to invest at the beginning of each year from today onward to have his entire tuition fees ready at the beginning of his PhD program