Your brother, James, will Join University in five years from today, for his higher education. His ambition is to pursue five year course at the University of Nairobi. Tuition Fees and other costs will be Sh. Sh. 600,000 per semester and there are three semester in a year. Anticipating James's ambitions, your parents started investing Sh. 10,000 per month five years ago and will continue to do so each month for the next five years. Use 12 percent per annum as the appropriate interest rate throughout this problem and ignore inflation Required: How much more will your parents have to invest each month for the next five years to have the necessary funds for the education of your brother if the cost assumed to come at the end of each semester?

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To calculate how much more your parents will have to invest each month for the next five years to ha... View the full answer