b) If you can earn 12 percent on your investments, and you would like to accumulate $120,000 for your newborn child's education at the end of 18 years, how much must you invest annually to reach your goal? [05 Marks] FV = PMT [(1+1)^-1] FVFV of annuity at the end of nth period. PMT = annuity payment deposited or received at the end of each period i = interest rate per period n = number of periods for which annuity will last