Kim and Nick are planning to save for their daughter Chloe's college education. Chloe was born today and will attend col

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Kim and Nick are planning to save for their daughter Chloe's
college education. Chloe was born today and will attend college for
4 years, starting at age 18. Tuition currently costs $15,000 per
year and tuition inflation is expected to be 5%. They believe they
can earn 10% on their investments. How much must Kim and Nick save
at the beginning of each year (first payment will be made today),
if they want to make their last savings payment at the beginning of
Chloe's last year of college?
$2,804.28
$2,765.01
$2,549.35
$2,513.64