Chapter 22, Problem 2CP

Your client says, “With the unrealized gains in my portfolio, I have almost saved enough money for my daughter to go to college in eight years, but educational costs keep going up.” Based on this statement alone, which one of the following appears to be least important to your client's investment policy? $\left(\text{LO 22}-\text{2}\right)$
a. Time horizon.
b. Purchasing power risk.
c. Liquidity.
d. Taxes.