Question: This is a subjective question, hence you have to write your answer in the Text-Field given below. You are saving for the college education of

This is a subjective question, hence you have to write your

This is a subjective question, hence you have to write your answer in the Text-Field given below. You are saving for the college education of your two children. They are three years apart in age; one will begin college 17 years from today, and another child will begin 20 years from today. You estimate the college expenses to be $41500 per year per child. Given r (discount rate) = 9% p.a. EAR. College expenses are paid at the beginning of each school year. How much money must you deposit in an account each year to fund your children's education? Your deposits begin two years from today. You will make the last deposit at the end of the 15 year. Assume five years of college. [5]

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