Jody wants to save for her college expenses. She received a $6,000 gift from her grandparents at age 10 and wants to see it increase to $9,000 by the time she turns 15. If she invests all of her gift, what rate of return should be expected to reach her goal of $9,000? For 5 extra credit points, instead of a $6,000 gift, Jody's grandparents deposited $1,200 annually to a savings account and increased the deposits at a rate of 3% annually for 5 years. What is the present value of this investment earning 8% annually?