1.a. Refer to question and solution 1.b below. How much will be in the account after 8 years? The answer is 29444 USD, and the excel sheet is below. WHAT I WANT YOU TO DO IS TO SHOW ME HOW TO DO HAND CALCULATION FIND THE 8TH YEARS DIRECTLY for question 1.a., BECAUSE IF I HAVE TO SOLVE IT DURING THE EXAM THERE'S NO EXCEL SHEET AND THE TIME IS LIMITED. SO SHOW HOW TO SOLVE THE 8TH YEARS STRAIGHT. RESPOND ONLY IF YOU JUST KNOW WHAT YOU ARE DOING, DON'T JUST THROW ANY RANDOM ANSWER PLEASSSSEEE I DON'T WANT TO WASTE MY QUESTION. THANKS

1.b. You plan to establish a college education fund for your child. The current cost of

college is $12,000 per year and you expect this to increase by 5% per year. You

plan to deposit money into an account earning 10% per year at the end of each of

the next 18 years. You will withdraw the amount required for college at the end

of years 18-22. You want the deposit to be low initially and grow by the rate of

your salary increase, which you estimate to be 3.5%. the first deposit solution can be found below;

$23,715.05 Present Sum from Day 1 $2,314.83 Annuity based on the growth rate Beg Balance InterestDeo Withdra Salary Salary End Balance 1 2$2,314.83 3 $4,942.16 4$7,916.08 5 $11,274.18 $1,127.42 2656.32 6 $15,057.92$1,505.79 2749.292 7 $19,313.00$1,931.30 2845.517 8$24,089.82$2,408.982945.11 Year $2,314.83 0 $2,314.83 $231.48 2395.849 $494.22 2479.703 $791.61 2566.493 3.31% 70000 3.31% 72450 $4,942.16 3.31% 74985.75 $7,916.08 3.31% 77610.25 $11,274.18 3.31%80326.61 $15,057.92 3.31% 83138.04$19,313.00 3.31%86047.87 $24,089.82 3.31%89059.55 $29,443.91 0