What is the present value of all college education for 5 children ages 0, 1, 1, 3, and 5 if the cost of education is today’s dollars is $17,000 per year, education inflation is 5%, and the parents expected portfolio rate of return is 8.5%? The children are expected to be in college 4 years and they will each start at age 18.

a. $88,775.02:

b. $148,958.22.

c. $192,007.89.

d. $203,085.22.