please answer within the format with all supporting calculation
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Question 5 (Andre has $150,000 now, and he wishes to save it aside for his daughter’s higher education in five years. He decided to invest in a financial instrument that pays him a return of 12.3% annually. Required:
a) How much money will he save after 5 years?
b) Andre also needs $200,000 in seven years for the down payment on a mortgage. If he starts to make a lump sum investment today and can earn 10.5% annually, how much does he need to put in his initial investment?
