Question: Mr Chong is planning to start saving for his son's college education fund. When the time comes, he wishes to accumulate RM45,000 at the

Mr Chong is planning to start saving for his son's college education fund. When the time comes, he wishes to accumulate RM45,000 at the end of 17 years. Assuming that his savings account will pay 6.5% compounded annually, calculate how much would he will have to deposit if: i) he wants to deposit an equal amount at the end of each year. ii) he wants to deposit one lump sum today. (8 marks)

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