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A financial services client wants to know how much money to set aside today for his daughters education. Your client wants to budget for 4

A financial services client wants to know how much money to set aside today for his daughters education. Your client wants to budget for 4 consecutive years of undergraduate education at $40K per year followed by 4 consecutive years of medical school at $70K per year. Assume the first payment ($40K) will occur exactly 3 years from today. (So the last payment--for medical school-will occur exactly 10 years from today. That amounts to one payment per year over a span of 8 years.) Assume that all interest rates are 7% per year. Answer: _______________

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