How much would they need to save each month

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Reference no: EM131913268

Gloria is preparing to go to college in 8 years. She wants to obtain her MACC, which will take her 5 years in college. Her parents are going to help her pay for all 5 years. They will pay 85% of tuition costs. Current tuition costs are $25,000. There is an expected tuition growth rate of 6% and her parents have a rate of return of 9%. At this time, her parents currently have $30,000 saved for her college. How much would they need to save each month? Round your final answer to two decimal places.

Reference no: EM131913268

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