financial planning

Matthew and Kimberly are proud new parents. They met while students at Ivy University and already have visions of their new child attending their alma mater in 18 years. Total tuition, room and board is about $81000 today, where it was only $29000 when they graduated 15 years ago. They can expect to receive a long-term average annual return of 8% in their investment portfolio. Approximately how much would they have to save monthly starting now to have the tuition, room and board (4 year degree) for their new child by freshman year? $1885 $6711 O $2919 $2315