$3.$ Presently college education is increasing at the rate of $8\%$ per year. If currently college cost is running at $$28,000$ a year, what will the Marcottes need to have saved up for Paloma in $7$ years. Assume that the Marcottes are in the $25\%$ tax bracket, and $6\mathrm{.}5\%$ for the State taxes. Furthermore you can assume that the Marcottes can earn $3\%$ on their investments.How much will they have saved for Paloma assuming they presently can only save $$75$ per month per child for her educational funding by the time Paloma leaves for college?

$4.$What will be their college savings shortfall or surplus, for Paloma?

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