QUESTION 5 (Quantitative Question) Suppose that a young couple has just had their first baby and they wish to insure that enough money will be available to pay for their child's college education....

5 dont have to include timeline

Extracted text: QUESTION 5 (Quantitative Question) Suppose that a young couple has just had their first baby and they wish to insure that enough money will be available to pay for their child's college education. They decide to make deposits into an educational savings account on each of their daughter's birthday, starting with her first birthday till her 18th birthday. The parents deposit $2100 on their daughter's first birthday and plan to increase the size of their deposits by 4% each year. Assume that the educational savings account will return a constant 76. a. How much will the parents deposit on the 18th birthday (i.e., the last deposit)? b. What is the total balance available for their daughter's college expenses on her 18th birthday right after they make their 18th and final deposit? Write the answers both in the space provided and on the empty pages on which you will also show your work (including timelines ).