posted by Nk .
Professor Anderson has a daughter who is 3 years old. In 15 years she will go to college and he is uncertain whether he has saved enough to finance her college education. Based on his reading, he believes that it will cost $208,000 to pay for his daughter’s education in 15 years. He has $73,000 to invest and believes that he can consistently achieve a 5% annual return on his investment.