Time Value of Money (8 pts.) A friend just had a baby and has asked you how much money they should save at the end of each year to be able to pay for the first year of their new child's college education. Tuition and fees at the local state school currently costs $30,000/year and is expected to increase by 2% each year. Assuming their child will enter college at age 18, how much does your friend need to save each month assuming they have access to an investment that compounds interest monthly and earns 6% annually? Show your work, including a description of any TVM formula(s) you use. College cost in 18 years- Required monthly savings =