Question

Corporate Finance class:

I have a child entering 5th grade, and I want to save enough money to pay for a VA in-state tuition at a 4-year university. He is ten years old, and I have eight years left to save. When I researched the inflation rate for tuition in the last five years, the rate for private is 3.7% and 2.9% for public universities. The average annual in-state cost for an undergraduate degree at William & Mary is $39,595. How much will I need to set aside each month if I start saving now?

Answer 1

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