63. The Turners have 12 years to save a lump-sum amount for their child’s college education. Today a four-year college education costs $80,000, and this is expected to increase by 8% per year into the foreseeable future. (4.10)

a. If the Turners can earn 5% per year on a conservative investment in a highly rated tax-free municipal bond, howmuch moneymust they save each year for the next 12 years to afford to send their child to college?

b. If a certain college will “freeze” the cost of education in 12 years for a lump-sum of current value $220,000, is this a good deal?