(b) Belinda and Harry have discussed starting a family but decided to wait for perhaps fi ve years in order to get their careers off to a good start and organize their personal fi nances. They also know that having children is expensive. They fi gure that the extra expense of a child would be about $5000 annually until high school graduation. How much money will they likely cumulatively spend on a child over 18 years assuming a 3 percent infl ation rate? (Hint:

Use Appendix A.3.)