Suppose you have a new baby and want to start saving for college. The average tuition, fees, and room and board charges at a local four$-$year institution totaled $$20460$ the year the child was born. Assuming a $2\mathrm{.}3\%$ annual increase to school costs, this cost will rise to $$30808\mathrm{.}25$ when your child begins college in $18$ years.

How much do you need to invest now in an investment earning $4\mathrm{.}25\%$ compounded daily to be able to pay for your child's schooling?

You will need to invest $

Suppose you have a new baby and want to start saving for college. The average tuition, fees, and room and board charges at a local four$-$year institution totaled $$20460$ the year the child was born. Assuming a $2\mathrm{.}3\%$ annual increase to school costs, this cost will rise to $$30808\mathrm{.}25$ when your child begins college in $18$ years.

How much do you need to invest now in an investment earning $4\mathrm{.}25\%$ compounded daily to be able to pay for your child's schooling?

You will need to invest $