6) You are 25 years old and just had your first child. Congratulations. Assume you can...

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6) You are 25 years old and just had your first child. Congratulations. Assume you can earn 5% per year on your investments. You want to save $300,000 for your child by her 18th birthday. You want to save the same amount each year. a. How much would you have to save each year to reach this goal? b. If you think your child will need $400,000 instead, how much would you have to save each year to reach this new goal? 6) You are 25 years old and just had your first child. Congratulations. Assume you can earn 5% per year on your investments. You want to save $300,000 for your child by her 18th birthday. You want to save the same amount each year. a. How much would you have to save each year to reach this goal? b. If you think your child will need $400,000 instead, how much would you have to save each year to reach this new goal?