My granddaughter, who is in kindergarten, informed my wife her favorite class is "recess". My wife has concluded she probably will not be receiving an academic scholarship for recess, thus she wants to save money for her college education. Her financial planner suggested she use a money factor of 5%. What does my wife need to invest today so she has $50,000 available for college in 15 years? What would she need to invest each year, if she wants an alternative, to a'lump sum initial deposit.