Based on the given information, what formula would be used to solve question 1B and 2?

Draw the time line for this problem. Write out the formulation for each part so I know that you what you are supposed to be doing in case your numbers come out wrong. Clearly identity war to the nearest have and what you need to solve for and show all of your work. Round your answers to the neare dollar. You are currently 40 years old. You have a good job that allows you to save $800 a month in ana currently paying 3.75%. Your current balance in that account is $34096. You plan to keep up your savings for the foreseeable future 1. You have a ten year old daughter, and you have decided that you will pay the equivalent of $17,600 in current dollars for each of four years of college starting when she is 18. You have been told that the inflation factor for college expenses should be 4% per year for the foreseeable future. a. (20 points) If you want to have the entire four years of college covered in one account when your daughter starts college, how much will you need in that account? b. (10 points) Given your current savings account and the plan to keep adding to it, how much will be left in that account when you subtract the cost of college? 2. Even though you make lots of money, your job is not emotionally satisfying. You and your spouse have agreed that once your daughter has graduated from college you will pursue your dream of raising heritage pigs. You already have the land and house, but need to upgrade the farm buildings and buy equipment and pigs. You have figured that you will need $360000 to do what you need to do. a. (10 points) How much will be in your 3.75% account after paying for college and leaving the balance to grow until you move to the farm? b. (20 points) How much more do you need to save every month starting now (time 0) in that account to get to the needed $360000