time value of money
Your younger sister will start college in one year’s time. The college fees will amount to Sh.80,000 per year for four years payable at the beginning of each year. Anticipating Susie’s ambition, your parents started investing Sh.10,000 per year five years ago and will continue to do so for five more years. How much more will your parents have to invest for the next five years to have the necessary funds for Susie’s education. Use 10% as the appropriate interest rate throughout the question
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