QUESTION 2 (25 Marks) (a) (b) Jay provided the same amount of money to his two child, Claire and Mitchell as their future education fund. Claire immediately used the money to buy a 10-year annuity- due with annual payments of RM2500. While Mitchell invested the money for two years in an account that gave annual effective interest rate of 11%. Calculate the amount of monthly payments Mitchell will get if he then bought a 15-year annuity- immediate. (Assume both annuities are having annual effective interest rate of 8%). (8 marks) Mr. Phil Dunphy left an inheritance in terms of a perpetuity-immediate that pays X per year. Haley receives the first n payments, Alex receives the next 2n payments, and Luke receives the remaining payments. Haley's share of the present value of the inheritance is 20%. (1) Calculate Luke's share. (5 marks) (ii) If X is RM5000, calculate the present value of Alex's share