Marie needs to plan to fund the higher education of her daughter Liz. Liz is expected to begin…

Marie needs to plan to fund the higher education of her daughter Liz. Liz is expected to begin her higher education 12 years from now, for a period of five years. At current price Rs 10 lakhs p.a. during the first year of college after which it will increase @5% p.a. because of high inflationary reasons) in the higher classes. (First instalment of education fee is due 12 years from now). Further, the current inflation of 4% (assumed to remain uniform all these years) is expected to increase co above stated costs. Marie is planning to start investing a fixed amount every year, starting three years from now, for 7 years. Giv much should Marie invest p.a. so as to achieve the desired objective? The discount rate is a nominal discount 12 a Maue needs to play to find higher education of her daughter diz liz is expected to beign her higher education years from now, for a period of five years. He event prices, this education is expected to cost Rs 10 lakhs pa during the sot year of college Oftes which it wieill increase @5% because of highes.costa teaching material (non-inflatione seasons) in the ligher classes. (first installment q education fee is due 12yxs from condo fethes , the current inflation of hoje (assumed to semain wifoses all these yeast) is expected to increase cost of education dues falione the above stated costs. Masie is planning to start inuesting a fixed amount every yess, starting these years from now, for years. Giren & (discount rate) = 8% EAR, how much should marie invest p.a. so as to achieve the desired Objetine ? The discount date is a nominal discount rate