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You just paid full tuition for upcoming your junior year in college. Your plan is to complete this year, then, for your last year in

You just paid full tuition for upcoming your junior year in college. Your plan is to complete this year, then, for your last year in college (starting one year from now) you will need to pay that final year of undergrad tuition. THEN, after college, you plan to go through a 2-year DBA program (this is a way better plan than law school). Today's undergrad tuition you just paid was $14,000 and these undergrad prices are expected to increase 4% each year. Today's DBA price, per year, is $19,000, but we expect this DBA price to increase 7% per year every year. Tuition for each DBA year is due at the start of each year (so the payments due for your DBA program come 2 and 3 years from now). Your uncle offers to put you through school, and he will do so by depositing a single lump sum in an investment account, today, which projects a 11%(APR) annual return. (7)
a. How large must your uncle's deposit be?
b. If your uncle were willingly to put the deposit amount in 'a', but you additionally qualified for a scholarship paying $5,000 of your senior-year undergraduate costs and $6,000 per year (for each of the two years) of your DBA costs, then how much would be left over in the account after you graduate with your DBA (4 years from now).(These scholarship amounts are set, i.e., they will not grow above these levels due to inflation, etc.). Assume the 11%(APR) annual return rate continues to hold.
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