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Roberto and Jana want to save for their newborn son's (Rico) college education.
Roberto and Jana want to save for their newborn son's (Rico) college education. If they assume that tuition costs are
currently $12,500, and that Rico will attend four years of college starting at age 18; and that tuition inflation will be 7%
and that their investment earnings will be 11%, how much must they save at the end of each year if they want to make
the last savings payment at the beginning of Rico's first year in college?
Select one:
a. $3167.33
b. $2694.56
c. $2789.04
d. $3176.43
Please pay attention to the underlined words. This question was designed to be solved using TVM calculations on a business analyst calculator. Please show your work.
