You've graduated and have been married for several years and your first child, Mary, has just been
Question:
You've graduated and have been married for several years and your first child, Mary, has just been born. You want to start saving for Mary's college education. You will put the first of eighteen equal deposits into her college fund one year from now (on her first birthday). You anticipate that her tuition will run $35,000 per year for four years, with tuition for each year being due at the beginning of each year. Mary will start college exactly on her eighteenth birthday. If Mary's college fund will earn 8 percent interest per year, how much must you deposit each of those 18 years?
a. $2,073
b. $2,634
c. $2,887
d. $3,343
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