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You are saving for the college education of your two children. They are twoyears apart in age; one will begin college 15 years from today

You are saving for the college education of your two children. They are twoyears apart in age; one will begin college 15 years from today and the other will begin17 years from today. You estimate your childrens college expenses to be $23,000 peryear per child, payable at the beginning of each school year. The annual interest rateis 5.5 percent. How much money must you deposit in an account each year to fundyour childrens education? Your deposits begin one year from today. You will makeyour last deposit when your oldest child enters college. Assume four years of college.

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