Laura is saving for the college education of hertwochildren. They are two years apart in age; one will begin college in 7years, another at year 9. She estimates her children’s college expenses to be $30,000 per year per child, paid at the beginningof each college year (first payment for first child is at year 7and so on). The annual interest rate is 6percent. How much money must Laura deposit in an account each year to fund her children’s education? She will begin payments one year from today. She will make your last deposit when her oldest child enters college. Also assume that each child will take 4 years to graduate from college. (Note: This question is worth more)
Laura is saving for the college education of hertwochildren. They are two years apart in age; one will begin college in 7years, another at year 9. She estimates her children’s college expenses to be $30,000 per year per child, paid at the beginningof each college year (first payment for first child is at year 7and so on). The annual interest rate is 6percent. How much money must Laura deposit in an account each year to fund her children’s education? She will begin payments one year from today. She will make your last deposit when her oldest child enters college. Also assume that each child will take 4 years to graduate from college. (Note: This question is worth more)
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