2. Imagine that you are a proud parent. You decide to start a college savings plan for your child, hoping to have enough in 18 years to pay the sharply rising cost of an education. Suppose that your folks give you $1000 to get started and that each month you can contribute $100. Suppose also that the interest rate is 6 % per year compounded monthly, which is equivalent to 0.5 % each month. Because of interest payments and your contribution, each month your balance will increase in accordance with the following formula; New balance = old balance + interest rate + your contribution Find the amount in the saving account each month for the next 18 years