A billboard on I-95 proclaimed: Invest your money with us at 10%, compounded quarterly, and we guarantee to triple your money sooner than you could ever imagine. How long would it take to triple your money? Your grandparents are saving for your med school tuition. Med school tuition is now 110,000 per year and is expected to increase at 3.5% per year. You just changed your major to pre-med, so you will need 5 years until you start med school. You plan to specialize, so you will need 6 years of tuition. How much must your parents save every month in order to put you through 6 years of med school. Currently their stock portfolio is yielding 18%.

] A billboard on I-95 proclaimed: Invest your money with us at 10%, compounded quarterly, and we guarantee to triple your money sooner than you could ever imagine. How long would it take to triple your money?