Question: RK is just born. It is expected that RK will start college at the age of 16 and will finish her undergraduate studies after

RK is just born. It is expected that RK will start college at the age of 16 and will finish her undergraduate studies after 3 years. Currently, college costs are $28,000 per year and are expected to rise at 5% per year till RK goes to college. RK's guardians are planning to save for RK's college expenses. The guardians may invest all college savings in a fund that returns 8% per year in order to pay for RK's college years. Determine how much the guardians must save.

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