Suppose that a young couple has just had their first baby and

they wish to ensure that enough money will be available to pay

for their child$$s college education. Currently, college tuition,

books, fees, and others cost $$20,000$ per year. On average, tuition

and other costs have historically increased at a rate of $6\%$ per

year. Assume the first college payment is made at the beginning

Assuming all college savings are invested in an account

paying $8\%$ interest, then what is the amount of money

they will need to have available at age $18$ to pay for all

four years of the child's undergraduate education?

of year $19($i$.$e$.$ immediately after the child$$s $18$th birthday$).$

Assuming all college savings are invested in an account

paying $8\%$ interest, then what is the amount of money

they will need to have available at age $18$ to pay for all

four years of the child's undergraduate education?