1.Clarise wants to save for her son Marche's graduate school.  He will begin school in 6 years.  She believes he will be in school for 2 years.  He wants to go to MIT which will cost $51,424 per year.   She estimates her investment returns to be 7% per year.  She is estimating inflation to be 5% per year.  How much does she need to put aside today to fund his graduate school?

2.You calculated that Maria needs to save $95,026 today to fund her daughter Sam's education in 6 years.  She does not have the much money to set aside today.  How much must she save each year in order to have sufficient funds for her daughter's college fund?  Assume that she can make a 9% return on her investments and inflation is 4%.