1. Q5. Derek and Morgan are planning to save for their daughter Penelopes college education. Penelope was born today and will attend college for 4 years, starting at age 18. Tuition currently costs $15,000 per year and tuition inflation is expected to be 6%. They believe they can earn 9% on their investments. How much must Derek and Morgan save at the end of each year, if they want to make their last savings payment at the beginning of Penelopes first year of college?

Q5. Derek and Morgan are planning to save for their daughter Penelope's college education. Penelope was bom today and will attend college for 4 years, starting at age 18. Tuition currently costs $15,000 per year and tuition inflation is expected to be 6%. They believe they can earn 9% on their investments. How much must Derek and Morgan save at the end of each year, if they want to make their last savings payment at the beginning of Penelope's first year of college