1) Jack and Jill have just had their first child. If college is expected to cost $170,000 per year in 18 years, how much should the couple begin depositing annually at the end of each year to accumulate enough funds to pay the first? year's tuition at the beginning of the 19th? year? Assume that they can earn an annual rate of return of 7% on their investment.
The amount that the couple should begin depositing annually at the end of each year is?
2) If Bob and Judy combine their savings of $1700 and $700 ?respectively, and deposit this amount into an account that pays 2% annual interest compounded? monthly, what will the account balance be after 11 years?
The account balance in 11 years will be?