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Cierra wants to plan for her daughter's education. Her daughter was born today and will go to college at age 18 for 5 years. Tuition
Cierra wants to plan for her daughter's education. Her daughter was born today and will go to college at age 18 for 5 years. Tuition is currently $18,000 per year in today's dollars. Cierra anticipates tuition inflation of 7% and believes she can earn an 11% return on her investments. How much must Cierra contribute at the beginning of each year if she wants to make her last contribution at the beginning of her daughter's last year of college?
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