Question: TASK C (4 Marks) [CLO 4] Answer the following questions, showing complete calculations answer according to the questions asked in each. (C1) Mr. Khalil is

TASK C (4 Marks) [CLO 4] Answer the following questions, showing

TASK C (4 Marks) [CLO 4] Answer the following questions, showing complete calculations answer according to the questions asked in each. (C1) Mr. Khalil is planning ahead for his son's education. He's eight years old now and will start college in 10 years for which Mr. Khalil will require $45,000 in 10 years. How much will he have to set aside today if the annual interest rate is 6% and bank compounds it semi-annually? How much will he have to set aside today at the same rate, if the bank does a monthly compounding? Explain the difference in your answers above

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