Business, 17.02.2020 23:12 tdupre14

Joe and June Green are planning for their children’s college education. Joe would like his kids to attend his alma mater where tuition is currently $25,000 per year. Tuition costs are expected to increase by 5 percent each year. Their children, David and Daniel, just turned 2 and 3 years old today, September 1, 2002. They are expected to begin college the year in which they turn 18 years old and each will complete his schooling in four years. College tuition must be paid at the beginning of each school year. Grandma Green invested $10,000 in a mutual fund the day each child was born. This was to begin the boys’ college fund (a combined fund for both children). The investment has earned and is expected to continue to earn 12 percent per year. Joe and June will now begin adding to this fund every August 31st (beginning with August 31, 2003) to ensure that there is enough money to send the kids to college. How much money must Joe and June put into the college fund each of the next 15 years if their goal is to have all of the money in the investment account by the time Daniel (the oldest son) begins college?

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Joe and June Green are planning for their children’s college education. Joe would like his kids to a...