Madison and Kim have just adopted a 1 year old baby girl. They have decided to start saving for college. They estimate college tuition and living expenses will be $45,000 a year for four years and they will need to make the first $45,000 payment 18 years from today. 1. (10 points) How much will they need to save each year for the next 17 years (they will make their first investment one year from today) to be able to pay for college if they assume they can earn 5% annually on their investments. 2. (5 Points) The adoption agency has a scholarship available which will pay them $75,000 after their daughter graduates 22 years from today. Assuming they get the scholarship, their daughter graduates, and they have other funds they can use until they receive the scholarship funds, calculate the new amount they must save annually, for the next 17 years, to have enough to pay for college with the schoalrship