Mary has just completed her undergraduate degree from Iowa State University and is already planning on entering an MBA program 4 years from today. The tuition will be $50,000 per year for 2 years, paid at the beginning of each year. In addition, Mary would like to retire 15 years from today and receive a pension of $60,000 every year for 20 years, with the first pension payment paid out 15 years from today. Mary can borrow and lend as much as she likes at a rate of 7%, compounded annually. In order to fund her expenditures, Mary will save money at the end of years 0-3 and at the end of years 6-14.
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