Question the turners have 10 years to save a lump-sum, Ask an Expert

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Question: The Turners have 10 years to save a lump-sum amount for their child's college education. Today a four-year college education costs $75,000, and this is expected to increase by 10% per year into the foreseeable future.

a. If the Turners can earn 6% per year on a conservative investment in a highly rated tax-free municipal bond, how much money must they save each year for the next 10 years to afford to send their child to college?

b. If a certain college will "freeze" the cost of education in 10 years for a lump-sum of current value $150,000, is this a good deal?

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Category:- Engineering Mathematics
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