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You are saving for your two children. One child will enter college in 5 years, while the other child will enter college in 7 years. College costs are expected to be $10,000 per year. All college costs are paid at the beginning of the year. You assume that each child will be in college for four years. Your plan is to contribute a fixed amount to the fund over each of the next 5 years. Your first contribution will come at the end of this year, and your final contribution will come at the date at which you make the first tuition payment. The interest rate is 8 percent. How much should you contribute each year in order to meet the expected cost of your children's education?

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How much should you contribute each year in order to meet the expected cost of your children's education?

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