question 1

Parents are deciding to start saving money for their sons college fund. They will deposit every year 6000 dollars on sons birthday. Son was born 1.01.1990 and first deposit was made on that day. Bank pays 4% annual interest for the deposit. College will cost 35 000 dollars per year and it will increase every year 5%. School lasts 4 years. First tuition payment is due on his 19th birthday. All the money parents saved will be transferred to sons account, where it will earn 2% annual deposit interest. From the same account tuition payments will be paid in the beginning of the year. How much money will be left over after all the tuition payments have been made?