Section 1: Short case studies (2marks each, total 10 marks) 1. Salman has only AED 70,000 today but needs AED 150,000 to buy a new dream car. How long will he has to wait to buy the car if she can earn 13 percent compounded annually on her savings? 2. Ali wants to have AED 70,000,000 in cash to buy a furnished apartment 5 years from today in JLT. She expects to earn 11 percent per year, compounded semiannually, on her secured investments. How much should she invest today to meet this purpose? 3. Amna wants to deposit $5000 into a saving fund at the beginning of each month. If she can earn 12% compounded interest semiannually how much amount will be there in her saving fund at the end of 8 years? 4. If Obaid wis Obaid wishes to accumulate AED 5000 Avears, how much must you deposit an account that pays an interest rate of 13% per annum. Broker mentions that interest will be compounded monthly. 5. Amir decides to set aside AED6000 at the end of each month for his daughter's marriage. If the daughter were to be born today, how much will be available for her marriage when she turns 20 years old? Assume an interest rate of 8% compounded quarterly