3. Annette has two children whose names are Max and Alice. Max will enter the...
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3. Annette has two children whose names are Max and Alice. Max will enter the college in next three years. The tuition fee for Max is 75,000 per semester which will be paid at the beginning of each semester for four years. Alice will enter the college in the next four years. The tuition fee for Alice is 80,000 per semester which will be paid at the beginning of each semester for six years. If the interest rate is 4.5% annually, how much Annette has to deposit today in order to pay all her children's tuition fee in the future? (You must have the timeline in your calculation file; otherwise, there will be 0.5 point deduction if you do not provide the timeline in your calculation file). (2 points)
3. Annette has two children whose names are Max and Alice. Max will enter the college in
next three years. The tuition fee for Max is 75,000 per semester which will be paid
at the beginning of each semester for four years. Alice will enter the college in the next
four years. The tuition fee for Alice is 80,000 per semester which will be paid at the
beginning of each semester for six years. If the interest rate is 4.5% annually, how much
Annette has to deposit today in order to pay all her children's tuition fee in the future?
(You must have the timeline in your calculation file; otherwise, there will be 0.5 point
deduction if you do not provide the timeline in your calculation file). (2 points)
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