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If they invest 3000 a year at 5 interest beginning on her

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1. You own a contract that promises an annuity cash flow of $200 end-of-the-year cash flows for each of the next 4 years. (Note: The first cash flow is exactly 1 year from today). At an interest rate of 7%, what is the future value of this contract exactly 4 years from today?

2. Jane's parents have created a savings account to save for her college education. If they invest $3,000 a year at 5% interest beginning on her first birthday, how much will be in the account when she reaches age 17?

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