You anticipate that one day you will have one child and will want to contribute funds toward

their college education. You plan on contributing $$50,000$ each year for four years starting

when they are $18.$

a$.$ What lump sum amount will you need in an account paying $2\%$ interest per year ONE

YEAR BEFORE the first $$50,000$ withdrawal is made? The account will be empty after the

$190385$

fourth withdrawal is made.

b$.$ Using your answer to part $($a$),$ determine what uniform annual amount you will need to $6748\mathrm{.}16$

deposit into an investment account earning $6\%$ interest per year to accumulate the

necessary funds. You will make a total of $17$ annual deposits $($beginning on your child's

first birthday and ending on their $17$th birthday$).$