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3. What is the present value of the cost of college education for 4 children ages 1, 3, 5, and 7. The current cost of

3. What is the present value of the cost of college education for 4 children ages 1, 3, 5, and 7. The current cost of college is $25,000. The children will begin college at age 18 and be in college for 4 years. Education inflation is expected to be 6% and the parents portfolio rate of return is 8%. a. $294,000. b. $295,000. c. $300,000. d. $305,000.

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