4. Tom and Elaine Douglas decide to start a college education fund. They expect that the total amount of money needed for kids education is $80,000 in 15 years. Assume that they feel comfortable of a 7% annual investment return. 1) How much do they have to save as a lump sum today? 2) How much do they need to save each year? 3) If they have $5,000 saving to put into the education fund today, how much do they still need to save each year?