You wish to now give single amount of cash to your relative, to provide for the private school education of one of their children.Specifically, you wish to provide for the expenses in 2024 and 2025.Currently, in 2020, the school expenses are $17,000 per year.It is expected that these will increase at a rate of 2% per year. Your relative has informed you that any cash given now, would be invested at a market interest rate of 7% per year.

Question 1.What would be theactualdollar expenses for the school, in 2024 and 2025?

Entertwonumerical values, rounded to the nearest dollar, separated by a space.

Question 2.Whatsingleamount should you give now to the relative, to provide for these school expenses, given the expected expenses, the expected inflation rate, and the expected market interest rate on investments.Enteronenumerical value, rounded to the nearest dollar.