Joseph and Raine Jones want to begin saving yearly for the college education of their children. They have two children, a 1-year-old and a 5-year-old. They would like to make the first contribution to the children's college fund a year from today. They assume the children will begin their college education when they reach the age of 18. They would like each child to attend an in-state public university and the current cost of college is $23,000 each year per child. Assume that the cost of college is anticipated to increase at an inflation rate of 5.5% per year, while the CPI is expected to remain at 3.5% per year Joseph and Raine already have $42,000 invested ina college fund. Assume that they can get a return of 8% on their invested funds prior to and during college Help Joseph and Raine determine how much they will need to save each year to reach their goal.

Please show all calculations and formulas. (Need to know where to use CPI)