Assuming that Jimmy has no money set aside for his children's college at this time, approximately how much will he have to save per month for Emmitt's education, for Patricia's education, if he earns 7.0% on the invested funds and the balance of education funds stays invested through the end of college. (Note that this question is a two-step process for each of Emmitt and Patricia's education.)

Patricia's Estimated Tuition

FV= PV x (1+ r)ⁿ

FV= $5,000 x (1+.05)¹⁴= $9,899.66

FV= $5,000 x (1 +.05)¹⁵= $10,394.64

FV= $15,000 x (1+.05)¹⁶= $32,743.12

FV= $15,000 x (1+.05)¹⁷= $34,380.27

FV= $87,417.69

Emmitt's Estimated Tuition

FV= PV x (1+ r)ⁿ

FV= $5,000 x (1+.05)¹⁶=10,914.37

FV= $5,000 x (1+.05)¹⁷=11,460.10

FV= $15,000 x (1+.05)¹⁸=36,099.29

FV= $15,000 x (1+.05)¹⁹=37,904.25

FV= $96,378.01