Question: Fred would like to plan for their son's college education. They would like their son, who was born today, to attend a public university

Fred would like to plan for their son's college education. They would

Fred would like to plan for their son's college education. They would like their son, who was born today, to attend a public university for 5 years beginning at age 18. Tuition is currently $15,00 a year and has increased at an annual rate of 5%, while inflation has only increased at 2% per year. Fred can earn an after-tax rate of return of 9%. How much must they save at the beginning of each year if they would like to make the last payment at the beginning of his son's last year of college?

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