Jamie Lee and Ross agree that by accomplishing their short-term goals, they can budget $5,000 a year toward their long-term investment goals.

They are estimating that with the allocations recommended by their financial advisor they will see an average return of 7 percent on their investments. The triplets will begin college in 15 years and will need

$100,000 for tuition. Using Exhibit 1-B, “Future Value,” in the Time Value of Money Appendix located after Chapter 1 or a future value calculator available on the internet, decide whether Jamie Lee and Ross will be on track to reaching their long-term financial goals of having enough money from their investments to pay the triplets’ tuition.