Your younger sister, Linda, will start university in 5 years. The cost o f going to the university is $17,000 per year for 4 years. Your parents have started investing $2,000 per year for the last 5 years and will continue to do so for 5 more years. (Assume 10% interest rate)

a) How much money should the parents have before the start o f Lindas University in order to finance the 4 years o f University expenses? (4 marks)

b) How much money does Lindas parent have after investing $2,000 for 5years? (4 marks)

c) How much more money does Lindas parent have to invest each year for the next 5 years to have the necessary funds for Lindas education? (5 marks)