EY Family is going to study. First son will start 6 years from today while the second one will enter the school 8 years from today. The parents estimate the expenses to be $65,000 per year son payable at the beginning of each school year with each child spending 4 years in school.

Answer the following homework:

1. Timeline for this case.

2.How much the parents should deposit each year if they begin to make their deposits one year from today with the last deposit made when the first child enters school.. Assume that their deposits earn 10% each year.

3. How much must the parents deposit each year if they begin to make their deposits today with the last deposit made one year before the first child enters school?

4. How much must the parents deposit each year if they begin to make their deposits today with the last deposit made when the first child enters school.