You have a brilliant child who is five years old and will be att

ending a

private college in thirteen years. You know that a four$-$year college now

costs at least $$25,000$ per year, including tuition, books, and room and

board. The cost of sending a child to college has increased by $9$ percent

per year, and you believe this will be true for the next thirteen years. How

much will the annual tuition be when your child is eighteen? Assume

tuition is paid at the beginning of each year. How much money will you

need to have in your investment account when your child begins college?

$($Hint: what is the present value of the four years of college tuition?$)$ If you

can earn $11$ percent on a mutual fund investment during the next thirteen

years, how much will you have to invest at the beginning of each year to

have enough to send your child to college for four years?