Your younger sister, Linda, will start college in five years. She has just informed your parents that she wants to go to Hampton University, which will cost $37,000 per year for four years (cost assumed to come at the end of each year). Anticipating Lindas ambitions, your parents started investing $5,700 per year five years ago and will continue to do so for five more years. Use 11 percent as the appropriate interest rate throughout this problem (for discounting or compounding).

How much will your parents have to save each year for the next five years in addition to the $5,700 they are currently saving to have the necessary funds for Linda's education? Use Appendix C and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Hamp investing S5.700 per year fie years ago and willcontinue to do so for twe more years. Use 11 percent as the appropriate interest rate throughout this problem (or discounting or ompounding) How much wil your parents have to save each year for the next five years in addi ion 1o the $5.700 they are currently saving to have the necessary funds for Linda's education? Use Appendis.C and Appendix D for an approximate answer, but calcul ate your final 3nswer using e formula and financ al calculator mothod Do not round Intermedlate calculatlons, Round your final answer to 2 declmal places