The Turners have

8

years to save a

lump-sum

amount for their child's college education. Today a four-year college education costs

$60,000,

and this is expected to increase by

9%

per year into the foreseeable future.a. If the Turners can earn

5%

per year on a conservative investment in a highly rated tax-free municipal bond, how much money must they save each year for the next

8

years to afford to send their child to college?b. If a certain college will "freeze" the cost of education in

8

years for a lump-sum of

$190,000,

is this a good deal?

a. The Turners must save

$enter your response here

each year for the next

8

years. (Round to two decimal places.)