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Background information: A young woman just had her first baby and wants to save money for their child s college education. The cost of college

Background information: A young woman just had her first baby and wants to save money for their childs college education. The cost of college is currently $20,000 per year. Historically, the cost of college has increased at a rate of 6% per year. Assume the first college payment is made at the start of year 19(i.e. immediately after the childs 18th birthday).
Round your answer to two decimal places, in dollars!(e.g. $76543.21)
1.) Assuming the cost of college increases an average of 6% per year, how much will the first college payment be?
2.) Assuming the account the college savings are invested in pays 8% interest, then what is the amount of money she will need to have at age 18 to pay for all four years of her child's undergraduate college education? 3.) What is the amount of money she needs to save every year until her childs 18th birthday to achieve her goal, assuming they make her first savings payment on their childs first birthday, the last one on her 18th birthday? Assume they save the same amount every year.

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