You think that in 15 years, it will cost $226,000 to provide your child a 4-year college education. Will you have enough if you take $69,000 today and invest it for the next 15 years at 5 percent? Round the answer to the nearest cent. Round FV-factor and FVA-factors to three decimal places.

__________(Select Yes or No), you will have approximately $________ _______(Select More or Less) than your estimate of $226,000.

If you start from scratch, how much will you have to save each year to have $226,000 in 15 years if you can earn a 5 percent rate of return on your investments?

Calculate your answer based on the FVA-factor.

$ _______

Calculate your answer based on the financial calculator.

$ _______