You are saving for your child's college education. Your child will start college in 16 years, and college tuition is due at the beginning of the year (i.e., the first tuition payment will occur at t=16). Average college tuition at a private school this year is $38,500 per year. You may assume that your opportunity cost of funds is 6.0% per year, compounded monthly.

a) Calculate the value, at t=16, of four years' worth of college tuition if tuition charges grow at the general inflation rate of 2.4% per year, compounded monthly.

b) Calculate the value, at t=16, of four years' worth of college tuition if tuition charges grow at the recent education inflation rate of 6.4% per year, compounded monthly.

c) Calculate the single payment you must make into the child's college account to pay for the entire college experience, if you make the payment now. Assume the education inflation rate of 6.4%, compounded monthly.

d) Calculate the monthly payment you must make into your child's college account to pay for four years of college under the assumption that tuition will grow at the general inflation rate; you may assume that the first payment into the college account comes in one month's time and the last payment will come one month prior to the first college tuition payment.

e) Calculate the monthly payment you must make into your child's college account to pay for four years of college under the assumption that tuition will grow at the education inflation rate; you may assume that the first payment into the college account comes in one month's time and the last payment will come one month prior to the first college tuition payment.