Stephanie and Chip want to fund their 8-year-old son Thornton's college education. The current cost of tuition is $10,000 per year and they expect it to increase 6% per year. They also anticipate earning 5% per year on their investments. Approximately how much do they need to contribute today to fund five years of college for Thornton?

Answers:

A. $45,000

B. $56,000

C. $58,000

D. $63,000