Your daughter Pamela just turned 15 and wishes to become a marketing specialist for luxury brands. She thus wants to join a business school at age 20. School fees are currently S\$7,000 per year. (a) Knowing that school fees will grow 4% per year, how much will the first year cost when she joins in 5 years? (5marks) (b) In order to pay for that first year, how much should her parents invest in a savings account that pays 4.5% per year? (5marks) (c) The business school runs over 3 years, but there is usually an internship break year between year 2 and 3 , for which students do not have to pay the school fees. How much must Pamela's parents place today to finance the entire school cycle of their daughter? (5 marks) (d) The parents realize that they do not have enough today to place that sum upfront. They decide then to place monthly savings for the 5 years between now and the moment Pamela enters school, in order to have the full amount available at that moment. What must their monthly saving be? You can assume that 4.5% is a quoted rate for this part of the