Alex is saving for his sons education. Alex's son will be going to college in 15 years. College expenses are $11,000 in today's dollars. College tuition is expected to rise by 3.1% per year. Alex assumes he will earn an after tax rate of return of 7.1% How much should Alex save at the end of each year if he will stop saving the year Alex goes to college? You can use the shortcut to the fisher equation for this problem.

How much will Alex have to save if he started saving at the beginning of the year?