Tommy and Shan Li established a plan to save $300 per month for their children’s education. Their oldest child is six years old and will begin college in 12 years. They will invest the $300 in a savings account that they expect will earn interest of about 5 percent per year, compounded monthly, over the next 12 years. The Lis wonder how much additional money they would accumulate if they could earn 7 percent a year, compounded monthly, on the savings account instead of 5 percent. They also wonder how their savings would accumulate if they could save $400 per month instead of $300 per month at either of these rates of return. The Lis have asked for you to help them determine the answers to these questions.