Joseph is a friend of yours. He has plenty of money but little financial sense. He received a gift of $12,000 for his recent graduation and is looking for a bank in which to deposit the funds. Partners' Savings Bank offers an account with an annual interest rate of 3% compounded semiannually, whereas Selwyn's offers an account with a 2.75% annual interest rate compounded continuously. Calculate the value of the two accounts after one year, and recommend to Joseph which account he should choose. Jack and Jill have just had their first child. If they expect that college will cost $150,000 per year in 18 years, how much should the couple begin depositing annually at the end of each of the next 18 years to accumulate enough funds to pay one year of tuition 18 years from now? Assume they can earn a 6% annual rate of return on their investment.