1. If a savings account pays 6% P.A. interest rate, how much money do you need to deposit to accumulate $77029 in 10 years?

Note that the bank will compound interest monthly. 2. Assume that you just invested $9488 in an investment account for your new-born child's college fund. Your goal is to grow the fund to $100,000 in 18 years. What is the required average rate of return per year from this account necessary to achieve your goal?

(Note: type in your answer as a decimal. For example, if your answer is 12.52%, type in "0.1252".)