You have just had your 30th birthday. You have two children. One will go to college 10 years from now and require four b

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You have just had your 30th birthday. You have two children. Onewill go to college 10 years from now and require fourbeginning-of-year payments for college expenses of $10,000,$11,000, $12,000 and $13,000. The second child will go to collegein 15 years from now and require four beginning-of-year paymentsfor college expenses of $15,000, $16,000, $17,000 and $18,000. Inaddition, you plan to retire 30 years from now. You want to have$12,000 available for each month of your expected 25 years ofretirement. These funds will need to be available at the beginningof each month. The first withdrawal will occur on your 60thbirthday. What equal, end-of month amount must you save over eachof the next 30 years to meet these goals assuming all savings earnan annual, after-tax rate of return of 5 percent over the entirehorizon?