A couple with a 7-year old daughter begins to save for their child's college expense. Assume...

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A couple with a 7-year old daughter begins to save for their child's college expense. Assume that the child enters college at age 18, they estimate that an amount of $20,000 per year will be required to support the child's college expense for 4 years. They can invest their savings at 8% compound quarterly. (a) What is the equal quarterly amount the couple must save until they send their child to college? (b) If the couple decides to save $500 each quarter, how much will the child have to borrow each year to support her college education? A couple with a 7-year old daughter begins to save for their child's college expense. Assume that the child enters college at age 18, they estimate that an amount of $20,000 per year will be required to support the child's college expense for 4 years. They can invest their savings at 8% compound quarterly. (a) What is the equal quarterly amount the couple must save until they send their child to college? (b) If the couple decides to save $500 each quarter, how much will the child have to borrow each year to support her college education?