The HECS scheme is a scheme by which Australian tertiary students have their tuition fees paid by the Australian Government. Then, after their study is complete, and they are receiving a certain base salary, they begin paying the amount they owe back to the government. The amount they have to pay back is determined by the size of their salary. We will make the assumption that you or the student for whom you are doing the calculations is an Australian student, with student tuition fees being paid by the Australian Government, to be repaid according to the HECS scheme. We will also assume that the amount you will owe at the end of your course is simply the total amount for all your subjects, without any CPI calculations, and that you will NOT be immediately stepping into a position which gives you a high enough salary to force you to immediately begin repayments. We will, in this assignment, calculate the amount you will owe by the time you are required to begin repaying the HECS loan. QUESTION 2A TASKS Begin by writing down all the units you are intending to do for your diploma or degree. Assuming the tuition fees do not change over the time of your study, write down the cost for each of the units you have done and will do. Use the table on the MAT10706 web-site to find these tuition fees. Add these to find the amount you will owe when you have completed your course. Write this amount on your cover sheet. The amount you owe is adjusted each year according to the CPI (Consumer Price Index). (This actually happens part way through the year, but we are going to do our calculations per calendar year.) You will also find on the MAT10706 web site a list of the amounts of the CPI for the years 2006 to 2014. You should use this table to make an educated guess of the CPI that may apply for the years between when you finish study and when you can earn more than $53,345 per year. (There is no “correct” amount here!) Assume this to be constant throughout this time. Write this CPI percentage on your cover sheet. Estimate how many years it will be before you are earning $53,345 per year. Write this number on your cover sheet.