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6. Johnny Rotten has two children, ages 6 and 3 right now. They plan to attend Anarchy University starting on their respective 18 th birthdays.

6. Johnny Rotten has two children, ages 6 and 3 right now. They plan to attend Anarchy University starting on their respective

18^th birthdays. Tuition and fees now at AU are 15,000 per year. Johnny can invest toward this goal at 7%, and the tuition

inflation rate is expected to be 4%. Each child will spend four years in school. What is the present value of the college

costs?

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