Suppose a young couple with an 8-year old son attempt to save for their son’s college expenses in advance. Assuming that he enters college 10 years from the present, they estimate that an amount of $12,000 per year in terms of today’s dollars will be required to support his college expenses for 4 years. It is also estimated that the future rate of inflation will be 4% per year, and they can invest their savings at 10% compounded annually. Determine the equal amount this couple must save each year until they send their son to college. College payments are made at the start of the school year.