6) A mother would like to save a fixed amount of money out of her salary to be prepared for her son when he attends the university, she can save and deposit JD250 per month, the bank offered her a floating rate saving deposit based on the changes imposed by the central bank. Assuming the rate, based on the banks expectations, will be 6% for the next 3 years compounded annually, and 7% for the next 5 years compounded semiannually, and 8% for the next 5 years compound quarterly. If the son is 6 years old how much will the saved amount be at the time he attends the university?

A mother would like to save a fixed amount of money out of her salary to be prepared for her son when he attends the university, she can save and deposit JD250 per month, the bank offered her a floating rate saving deposit based on the changes imposed by the central bank. Assuming the rate, based on the banks expectations, will be 6% for the next 3 years compounded annually, and 7% for the next 5 years compounded semiannually, and 8% for the next 5 years compound quarterly. If the son is 6 years old how much will the saved amount be at the time he attends the university?