You have three lovely children:

Xander is 12 and just finished the sixth grade, Yander is 9 and just

finished the third grade, and little Zander is 6 and is just finishing

kindergarten. You wish to invest enough money each year for each

child to pay for their university education. You want them to go to

the University of their own choosing which you predict will be La

Salle University! La Salle's current tuition is $30,000 with room

and board being another $12,000. You also calculate that books and

other expenses will add up to $8,000 per year. The Wall Street

Journal recently predicted that tuition room and board would rise

at an average rate of 5 percent per year over the next 16 years. You

believe that you can earn 8 percent per year on your investments.

How much must you contribute each year for each child? (for

example you have 6 years of investing before Xander goes to college)

In calculating the amounts assume you want to have all you need for

each child as they enter the University and that you meet all costs

for the academic year at the beginning of the year.