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Your child will start college in 16 years, and college tuition is due at the beginning of the year. Average college tuition at a private school this year is $38,500 per year. You may assume that your opportunity cost of funds is 6.0% per year, compounded monthly.

Calculate the monthly payment you must make into your child's college account to pay for four years of college under the assumption that tuition will grow at the general inflation rate; you may assume that the first payment into the college account comes in one month's time and the last payment will come one month prior to the first college tuition payment.

Reference no: EM132758462

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