Problem
1) Assuming no existing assets are dedicated to college, what is the annual savings amount required to fund the children's education? The Jeffersons' goal is to have an amount at the beginning of the freshman year for each child that is sufficient to fund a serial payment covering the $24,000 of current costs of college adjusted for inflation for each of the four years of college. Please include your calculator keystroke inputs [PV, I/YR, N, FV, and PMT (if needed)] for each step of this calculation. Also include whether any PMTs are in the end mode or the begin mode.
2) What would you say to the Jeffersons about their education funding situation? Write a script of a single paragraph as if you were speaking to them about their college fund situation. Cover at least three aspects of their goal of financing their children's college.