Your client has a 10-year old son who will be entering college in 8 years. Your client estimates college costs to be $16,000, $17,000, $18,000 and $19,000 payable at the beginning of each of the sons four years in college. Your client expects to have $4,000 available when he turns 15 to help defray his college expenses. How much must your client save at the end of each year for the next 8 years to have enough savings to pay for his son's education? Assume a 8% return on all invested funds.

answer choices

$5,379

$5,669

$5,099

$4,632

$4,860