You have an absolutely brilliant child who is six years old and will be attending a private college in twelve years. You know that in twelve years a four-year college will cost at least $70,000 per year (total $280,000), including tuition, books, and room and board. You determine that you can earn 12 percent on a mutual fund investment during the next twelve years, and invest at the end of each year. How much will your total investment be for the twelve-year period?

$177,060

$60,264

$139,227

$414,036