Dr. Amara has twins who would be going to college in the next 8 years. She hopes to save enough in order to be able to pay for her kids' college expenses. It is estimated that she would need $1 million dollars to cover all the expenses for both her children. She is willing to save $20,000 every three months for the next 10 years. The estimated rate of return is 7 percent annually that she would be earning on quarterly compounding basis. Will Dr. Amara have enough to pay for her twin's college expenses? How much would she have saved in 10 years with the interest?

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