A professor has two daughters that he hopes will one day go to college. Currently, instate students at the local
University pay about $ per year all expenses included Tuition will increase by per year going forward.
The professor's oldest daughter, Sam, will start college in years, while his youngest daughter, Ellie, will begin in
years. The professor is saving for their college by putting money in a mutual fund that pays about per year.
Tuition payments are at the beginning of the year and college will take years for each girl. Sams first tuition payment
will be in exactly years
The professor has no illusion that the state lottery funded scholarship will still be around for his girls, so how much does
he need to deposit each year in this mutual fund to successfully put each daughter through college. ASSUME that the
money stays invested during college and the professor will make his last deposit in the account when Sam, the
OLDEST daughter, starts college.
Answer format: Currency: Round to: decimal places.
