Reference no: EM131849323

A client plans to send a child to college for four years starting 18 years from now. Having set aside money for tuition, she decides to plan for room and board also. She estimates these costs at $20,000 per year, payable at the beginning of each year, by the time her child goes to college. If she starts next year and makes 17 payments into a savings account paying 5 percent annually, the annual payments of $2,744.50 would raise the needed funds. five years later, the client has made all five payments as required. at the end of year five, she receives a $10,000 inheritance which she applies to the college fund. how much will her payments beginning in year six be to realize her goal?