7. You are 16 and know you need $100,000 when you turn 22 to pay for medical school, but instead of making a lump sum payment into a savings account, your parents plan to deposit

$15,000 each year into an ordinary annuity account with a 4% annual interest rate.

How close to your goal will this get you?

a. Calculate using the long-hand method.

b. Calculate using the reference table method.

c. Calculate using a financial calculator.