Atticus Finch is creating a college fund for his two kids, Jem and Scout, ages 5 and 3, respectively. To take over the family law practice, they will start college at 18 years old. Today, Maycomb University costs $25,000, per student, and this cost is expected to increase by 5% each year. Atticus plans to make 19 annual contributions to the college fund, and he plans to increase the contributions by 8% each year to combat inflation. The first contribution of $8,656.37 will be made today. The last disbursement from the college fund will be on Scout’s 21st birthday. On that day, also, the last payment must be made for his last year of college. As Mr. Finch’s investment advisor, you promised he will earn 3.7% return on his contributions. Using the above information, fill in the Table below. (Useful Hint: You will need to draw- down on the college fund acccount to pay for tuition once the kids are in college.
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