1.Vaida is 12 years old. She will be going to college when she is 18 and her parents expect that it will cost $75,000. Vaida's dad feels he can earn a consistent 10% rate of return on a college savings plan. Vaida's parents feel that she should be responsible for half of her own expenses, and, are certain she will get a quarter of total expenses paid through scholarships.

a.How much should Vaida's parents save each month to fulfill their commitment? ***

b.Assuming Vaida gets her scholarships, how much should she save each month to help pay for her own schooling? Vaida also invests earning 5% at her local credit union. ***