Jonathan has six children ages 1, 3, 3, 5, 10, and 12. John wants to provide for their education. Currently, tuition is $10,000 per year and tuition inflation is 4%. John expects to earn 4% on his investments and he expects each child to start college at age 18 and go to college for 4 years. John wants her last savings payment to be made when the oldest child starts college. How much must John save today to fully fund his childrens education?

Question 7 options:

	$200,000
	$220,000
	$240,000
	$260,000
	None of the above.