Maria plans to save for her child's college education. She wants to deposit a certain amount of

money into a savings account that offers an annual interest rate of $5\%,$ compounded monthly. She

intends to save for $15$ years. At the end of $15$ years, she wants to have $$50,000$ available for her

child's college expenses.

Questions:

Future Worth Calculation:

How much does Maria need to deposit monthly to accumulate $$50,000$ at the end of $15$ years?

Present Worth Calculation:

If Maria decides to make a single deposit now $($instead of monthly deposits$),$ how much should

she deposit today to achieve the same goal of $$50,000$ in $15$ years?

Cash Flow Diagram:

Draw the cash flow diagram for both scenaros $($monthly deposits and single deposit$).$ I don't have anything to add.

add the draw cash flow diagram