Help the Sampsons determine how much they will have for their children€™s education by ­calculating how much $ 3,600 in annual savings will accumulate if they earn interest of (a) 5% and (b) 7%. Next, determine how much $ 4,800 in annual savings will accumulate if they earn interest of (a) 5% and (b) 7%.

Savings Accumulated over the Next 12 Years (Based on Plan to Save $3,600 per Year) Amount Saved per Year Interest Rate Years Future Value of Savings $3,600 5% 12 $3,600 7% 12 Savings Accumulated over the Next 12 Years (Based on Plan to Save $4,800 per Year) Amount Saved per Year Interest Rate Years Future Value of Savings $4,800 5% 12 $4,800 7% 12