Your cousin is currently 10 years old. She will be going to college in 8 years. Your aunt and uncle would like to have $ 110,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 3.9 % per year, how much money do they need to put into the account today to ensure that they will have $ 110,000 in 8 years?

The amount they need to put away today is $ nothing. (Round to the nearest cent.)

You have $1,200 and a bank is offering 5.0 % interest on deposits. If you deposit the money in the bank, how much will you have in one year?

In one year, you will have $ .(Round to the nearest cent.)