Today Dante and Sharon had their first child and they want to begin saving for their child's education.With all the expenses of having a new child they feel they can only afford to put away $75 a month but they plan to continue doing so until the child turns 18.They are budgeting for an interest rate of 3.2%, compounded monthly.

How much money will they have in the account by their child's 18^thbirthday?

How much interest will be earned?

Sharon convinces Dante that because school is both very expensive and very important, they must try to save a little more each month.The review their budget once more and decide that increasing their payments to $125 each month is manageable.

How much will they have saved by their child's 18^thbirthday now that they have increased their payments?

How much interest will be earned?