3. Sam and Jenny Lee are planning their son's college educ college in eight years. The current cost is $70,000 per year. The Lees factor rate each year. Their son plans to finish his college study in four years Their son will start ation. % inflatio in a 5 Questions a) Using time value of conc dollar i son's four-year college expenses. (4 pts) n the future. You need to provide answers in each of the four years for their b) The Lees consider using zero coupon bonds to achieve their financial goal. The bond yields for government zero-coupon bonds are 6% with a term to maturity of eight to eleven years. Calculate the total number of zero coupon bond required and the amount of funds the Lees need to set aside today (as a lump sum) to achieve their financial goal. (12 pts) c) Give one advantage of using zero coupon bonds instead of bonds with coupon interests in Lees' saving for college education. (4 points)