1) You are going to send your daughter to college in 18 years and you estimate that you're going to need $100,000 for her education. If you anticipate earning 8% interest, how much are you going to have to invest today?

a. How much would you have to save each month if you make the payment at the end of the month to accumulate enough funds for your daughters college?

b. How much would you have to save for your daughters education if you made a payment into your savings account at the beginning of each month?