Suppose that you just had a baby and wish to ensure that enough money will be available to pay for your child's college education. Currently, college tuition, books, fees, and other cost $25,500 per year. On average, tuition and other costs have historically increased at a rate of 6.5% per year. Assume the first college payment is made immediately after your child's 18th birthday (i.e., at time=18). a. Assuming college costs continue to increase an average of 6.5% per year and that all the college savings are invested in an account paying 7% interest, what is the amount of money you will need to have available at age 18 to pay for all four years of your child's undergraduate education? b. How much do you need to save every year until your child's 18th birthday to achieve this goal, assuming you make the first savings payment on your child's first birthday (time-1), the last one on your child's 18th birthday (time=18)? Assume you save the same amount every year.