Your five-year-old daughter has just announced that she would like to attend college. The College Board has

reported that the average annual cost of tuition, room, and board, and other expenses at public four-year colleges is

$21,500 in 2023 (to be paid at the beginning of 2023). The cost has risen 3.5% over the last year. You feel this

percentage increase is a good long-term estimate. You also believe that you can earn a rate of 7% compounded

annually on investments to meet this goal./nYou just learned of a $10,000 inheritance and plan to invest it in your daughter's college fund.

Given this new source of funds, how much will you have to invest each year? You are also

uncomfortable with the 7% investment outlook. Run the problem with 6%, 8%, and 9%.