Question: Sun Publications reported that in 11 years it would cost approximately $80,000 for 4 years at a public university and $240,000 to send your child

Sun Publications reported that in 11 years it would cost approximately $80,000 for 4 years at a public university and $240,000 to send your child to a private university. Bank A quoted 6% interest compounded annually. Bank B quoted 7% compounded annually. (a) How much would you have to deposit in Bank A each year to pay for the public university? (b) How much would you have to deposit in Bank A each year to pay for the private university?

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