cYou think that in 15 years it will cost $214,000 to provide your child with a 4-year college
education. Will you have enough if you take $75,000 today and invest it for the next 15
years at 5%?
d. If you can earn 5%, how much will you have to save each year if you want to retire in 35
years with $1 million?
c. P = Po + Po*r*t
P = 75,000 + 75000*0.05*15 = $131,250.