1. You plan to make two deposits to your bank account - one deposit today for $X and one deposit in four years for $3X. You would like to withdraw $20,000 from this bank account in 6 years, and another $10,000 in 12 years. You can earn an effective rate of 5% per year. What is $X? (7 points) 2. You want to have enough money in the bank to pay for your daughter's education when the time comes. You expect to make 4 annual payments for college, with the first payment in 10 years. The first payment will be for $50,000 and each subsequent payment will be 5% higher than the previous payment. If you expect to earn 5% a year on your deposits, how much do you need in the bank now to ensure you will have the desired amount to fund your daughter's education? (7 points)