Your younger sister, Barbara, will start college in five years. She has just informed your parents that she wants to go to Eastern University, which will cost $38,000 per year for four years (assumed to come at the end of each year). Anticipating Barbaras ambitions, your parents started investing $5,800 per year five years ago and will continue to do so for five more years. Use 12 percent as the appropriate interest rate throughout this problem (for discounting or compounding).

Calculate the difference between the required amount and the amount your parents will have when Barbara starts college. (Use a Financial calculator to arrive at the answer. Do not round intermediate calculations. Round the final answer to the nearest whole dollar.)

Your younger sister, Barbara, will start college in five years. She has just informed your parents that she wants to go to Eastern University, which will cost $38,000 per year for four years (assumed to come at the end of each year). Anticipating Barbaras ambitions, your parents started investing $5,800 per year five years ago and will continue to do so for five more years. Use 12 percent as the appropriate interest rate throughout this problem (for discounting or compounding).

Calculate the difference between the required amount and the amount your parents will have when Barbara starts college. (Use a Financial calculator to arrive at the answer. Do not round intermediate calculations. Round the final answer to the nearest whole dollar.)