Question: Your classmate is saving for college for their child. That child was just born and they will have to make 4 equal tuition payments over

Your classmate is saving for college for their child. That child was just born and they will have to make 4 equal tuition payments over a four year period with the first occurring in exactly 18 years. Each successive tuition payment is made exactly ayear after the prior payment. They also plan on buying this child a car in exactly 15 years using this same savings. They will pay $30,000 at that time for the car. They will be depositing money every year with the first check deposited into savings today and the last one made exactly one year before the first tuition check is due. If they want to be able to pay $65,000 each year for tuition, how much do they have to save per year? Assume the discount rate is 10 percent per year. ROUND YOUR ANSWER TO THE NEAREST DOLLAR

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