Alex has won a scholarship for master’s degree and will leave for Canada eight months from now. He wants to provide his mother a monthly income of Br 125 during his two years stay in Canada, the first income to be earned a month after his departure. How much money should Alex deposit at the end of every month for eight months he will be in Ethiopia in an account which pays 12% interest compounded monthly to have money which is just enough to enable his mother withdraw the above-mentioned monthly income during the two years of his stay in outside Ethiopia? Analysis this quetion write correect ansawer.
