Question 14 (1.5 points) The parents of a newborn wish to ensure that enough money will be available to pay for their daughter's college education. Assume that college tuition, books, fees, and other costs will be $25,000 per year in 18 years (by the time she enters college) and that costs continue to increase by an average of 1.0% per year thereafter. The tuition fee is due in the beggining of each academic year. Furthermore, assume that all the college savings are invested in an account paying 8.0% interest. How high is the amount of money she will need to have available at age 18 to pay for all four years of her undergraduate education? Instructions: Round the result to two decimal places and do not put the "$" symbol in the answer box. For example if you get a result of $94,123.7230 then write 94,123.72 in the answer box below. Your Answer: