Jerome and Lucy Finch have come to you today to ask assistance on setting up a college account for their two children, Anna, who is 11, and Parker, who is 8. Anna is in the sixth grade and Parker is in the fourth. While they are still contemplating on which, they want to know the difference between custodial accounts and 529 plans. They have also expressed they would like to fund these accounts sometime this year. You agree to do some research and get back to them regarding their options. Part 1: Research Research both custodial accounts and 529 plans. In a Word document, answer the following questions based on your research: While 529 plans may vary by state, what are the general pros and cons to both types of accounts? Are there different limits to what can be contributed or who can contribute? What other information would be important to point out to the Finches? Part 2: Excel Spreadsheet You have decided the best way to show the Finches your recommendation would be to develop an Excel spreadsheet. This spreadsheet should contain general assumptions such as current education cost, inflation rate, and an expected return or growth rate. You will also need to make assumptions such as: Will they attend public or private school? Will they be in-state or out-of-state? Do they contribute to this fund every year? While you can get very technical, this spreadsheet should be a general guideline that shows the Finchs that if they contribute X amount of dollars today, they will accumulate X amount in the future for each childs education. Remember, the children are different ages and in different grades, so college will begin for them in different years. Make sure that your assumptions are listed somewhere on your spreadsheet. Part 3: Plan Based on your research from Part 1 and accompanying spreadsheet from Part 2, answer the following questions in a Word document: Which would be your recommendation and why? When the Finches come back for their follow-up meeting, how would you present this information? What other factors might be important in this scenario? In the same document, use your creativity and knowledge from this course to develop a plan for the Finches and their children