3. Barry and Virginia have a six-year-old son, Daniel. They have plans for Daniel to attend a four-year private university at age 18. Currently, tuition at the local private university is $15,000 per year and is expected to increase at 7% per year. Assuming Betty and Virginia can earn an annual compound return of 10% and inflation is 4%, how much does the couple need to start saving at the end of each year (starting this year) to be able to pay for Daniels college education? (Assume their last payment is made at the beginning of Daniels first year in college.)