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How much does mary need to save every year

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Question - Medical education cost now is amounting to around RM 500,000. If Mary would like to send her daughter, Jane, who is currently two years old, to International Medical School at the age of 18, how much does Mary need to save every year in order to accumulate sufficient money for her child's educational needs after 16 years? Assuming inflation rate for education is expected to be 6 percent for the foreseeable future. Mary manages to invest in 5 percent interest per annum for her child's education fund.

Reference no: EM132787288

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