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Your beloved nephew is starting starting college. His plan is to get a degree in economics with a minor in philosophy (which, by the way is an excellent combination of majors), work for 6 years and then go get an MBA from TCU (that is, he will go to busness school in 10 years.) You are, of course, horrified at the shame of having a TCU MBA in the family and so you tell your nephew you will begin making annual payments into an account in an amount sufficient to let him go get an SMU MBA. Current tuition is $100,000 and is expected to grow by 3% per year. If the interest rate is 7%, how much money do you need to set aside each year O $14,237.75 O $7.237.75 $9.726.93 O $10,000 None of the other answers are correct