duction to Financial Management - Solutions Names: of Money Homan Lau tion, room, board and fees for Harvard is $69,607 for academic year 2019-2020. The average & son since inception in 1929 has been about 3% per var You have a newborn child and would like to be con pay for four years of college. She will begin college at the age of 17. Calculate the tuition for each other four ars of college. You are considering investing in Fidelity's Spartan fund which has an average lifetime return of 8.91%. Assume the fund continues to perform at 8.91% per year. How much money do you have to deposit today to pay the tuition for all four years? For simplification, assume that you want to have all of the money when she begins college, so just add the values for all four years of tuition that you calculated in #1. This is how much money you want to have in 17 years. Now assume that you invested the value that you calculated in the previous question. Instead of 8.91% year, assume that the actual return for the Spartan Fund was 3.6% per year. This means that you will ne all the money that you want in 17 years. By how much would you be short of your goal