Question - Mary will start college in five years. She has just informed her parents that she wants to enroll for a five year course in chemical engineering. The total cost of the program will be $500,000 per year.Anticipating Mary's ambition, her parents started investing $100,000 per year five years ago and will continue doing so for five more years. The rate of interest is 10%.Required:
How much more will your Mary's parents have to invest each year for the next five years to have the necessary funds for Mary's education if the cost of education is assumed to come at the end of each year?