1. Your younger sister, Jennifer, will start college in five years. She has just informed your parents that she wants to go to Chapman University, which will cost $50,000 per year for four years (cost assumed to come at the beginning of each year). Anticipating Jennifer's ambitions, your parents started investing $10,000 per year five years ago, just made another $10,000 deposit, and will continue to make annual deposits for five more years. How much more will your parents have to invest at the end of each year for the next five years to have the necessary funds for Jennifers's education? Use 5 percent as the appropriate interest rate throughout this problem (for discounting or compounding). Round all values to whole numbers. HINT: First calculate the amount that will be needed in 5 years to pay all four years of tuition. Note that the payments for tuition come at the beginning of each year. Then calculate how much your parents have now. Then enter the amount your parents have now as PV (negative), the amount needed in 5 years for tuition as FV (positive), n = 5, and i =5%, and solve for PMT