Assume now you are at the end of January 2022, and you are planning how to cover theexpenses for your postgraduate study starting from 1st October 2022. You estimate that youhave to spend £1,200 each month to cover your living expenses over the entire learningperiod (12 months, assuming you have to pay the living expense at the end of each monthstarting from October 2022). In addition, you are expected to pay your tuition fee in threeinstallments at the end of September 2022, January 2023, and May 2023, with eachinstallment being £8,000. If the annual interest rate is 4.8%, how much do you need to havein your bank account today to meet your expense needs for your postgraduate study? Show all your calculations.
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