You are planning on saving for your childs education and will use the Edvest College Savings Planner.

Assume the following:

You are planning on saving for your childs education. Assume the following:

• Age of child is 1; expect child to be 18 when starting college and will have 4 years of college
• Annual cost of college is $25,000 with inflation at 3%
• Planned savings $100 per month.
• Current savings balance is $0.
• Your anticipated rate of return is 6%.
• Percent of cost funded by you: 100%.
• Your state tax rate is 5%; Your federal tax rate is 22%.

Your projected contributions and earnings (account value) when the student starts college will be

Group of answer choices

$145,678

$218,431

$59,412

$35,887

$22,458