Effective January 2, 2018, The W&M Financial Services Company must provide John and Mary Joe with information relating to the following three alternatives for establishing a fund to be available on December 31, 2028, to be used for the college expenses of their daughter:

(1) A single sum of $100,00 to be deposited on January 2, 2018, at an expected rate of return of 8%

2) A sum of $15,000 to be deposited every January 2nd, beginning on January 2, 2018 at an expected annual rate of return of 6%

3) In order to accumulate a total of $235,000 on December 31, 2028, an amount of $....................How much? Is to be deposited every December 31st, beginning on December 31, 2018, that is expected to earn interest at an annual rate of 7%