Discussion Topic #2 - Saving for an Education (2%) Must post first Subscribe A couple wishes to have $60,000 saved up for their son's education in 16 years from now. Assuming they can invest the money at 6% compounded monthly, what would they have to invest each month to achieve this? Explain how you derived your answer using the calculator functions below. PV = n/a FV = ? 1 = ? (Hint: Remember to divide this by 12.) N = ? (Hint: Remember to multiply this by 12.) Compute PMT Do you think $60,000 is a sufficient amount? If not, what other options might be considered to assist the child in his financial needs when he attends post secondary school