ou are working as a financial planner. A couple has asked aughter. She is a bright seven-year-old (her birthday is today), and everyone hopes she will go to university after high school !!! ears, on her 17th birthday. You estimate that today the cost of a year of university is $11,000, including the cost of tuition, books, ■ccommodation, food, and clothing. You forecast that the annual inflation rate will be 4.3%. You may assume that these costs are ncurred at the start of each university year. A typical university program lasts 4 years. The effective annual interest rate is 6.1% an- s nominal. a. Suppose the couple invests money on her birthday, starting today and ending one year before she starts university. How much must they invest each year to have money to send their daughter to university? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Investment per year $ b. If the couple waits 1 year, until their daughter's 8th birthday, how much more do they need to invest annually? (Do not round or to ? decimal places.)

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