Your younger sister , Jennifer, will start collegein fiveyears. She has just informed your parents that she wants to go toEaster State University., which will cost $18,000 per year for fouryears (cost assumed to come at the end of each year). AnticipatingJennifer's ambitions, your parents started investing $3,000 peryear five years ago and will continue to do so for five moreyears.
How much more will your parents have to each year for the next five years to have the necessary fundsfor jennifer's education? Use 10 percent as the appropriate interast rate throughout the problem (for discounting orcompounding). Round all values to whole numbers.