You have two children Kevin and mike. The will be attending school later in the future. Attending college is increasing at a rate of 10% per year. As of today, college cost is $22,000 a year. What is the future amount that have to saved up for Kevin in seven years and mike in 15 years? Kevin is seven years old who is in the first grade and mike is two year-old who attends daycare. Please show how we derive calculations

Assumptions: 6.8% is state tax

you are in 25 % tax bracket

you earn 6% on investments

you can only save $100 a month toward Kevin and $100 a month to mike.