Your cousin is currently 12 years old. She will be going to college in 6 years.Your aunt and uncle would like to have $100,000 in a savings account to fundher education at that time. If the account promises to pay a fixed interest rateof 4% per year, how much money do they need to put into the account todayto ensure that they will have $100,000 in 6 years?ii) You are planning to invest $5000 in an account earning 9% per year forretirement.a. If you put the $5000 in an account at age 23, and withdraw it 42 years later,how much will you have?b. If you wait 10 years before making the deposit, so that it stays in the accountfor only 32 years, how much will you have at the end?iii) Your grandfather put some money in an account for you on the day you wereborn. You are now 18 years old and are allowed to withdraw the money forthe first time. The account currently has $3996 in it and pays an 8% interestrate.a. How much money would be in the account if you left the money there
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