A couple's first child has just started kindergarten, and they have decided to save money for her college education. They have $2,500 invested so far. They are planning to invest an additional $350 each month for the next 13 years, and expect to have a return of 7.0% annually, compounded monthly. ____

1. How much will they have at the end of 13 years if they start today?

2.Refer to the College Savings scenario above. How much will they have at the end of 13 years if they start a month from now?