The Jenkins are trying to save $80,000 for a downpayment on their first house in 6 years. Their savings earn a 8% return. a) What is the present value of $80,000 in 6 years (using annual compounding) b) If the Jenkins decided to make growing annual contributions to their savings increasing by 2% each year, what is the FIRST contribution they would need to make to reach $80,000 by the end of year 6 . (NOTE: There is no direct Excel function to solve this. You must use the growing annuity formula) c) When buying a home the Jenkins budget will be $420k, and after a downpayment of $80,000 they would need to borrow $340,000. If they accept a 30 -year loan with 7.08% annual interest and a monthly payment, what would their monthly payment be