Richard and Mary wants to provide full funding for their 3 year old daughter who is expected to start college when she is 18. The current annual cost of a 4 year college is $38,000 which is expected...

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Extracted text: Richard and Mary wants to provide full funding for their 3 year old daughter who is expected to start college when she is 18. The current annual cost of a 4 year college is $38,000 which is expected to increase by 3.5% per year. They expect to earn 5.5% on their investment. Calculate the total cost (lump sum amount) required by them to fund 4 years of college when their daughter turns 18. $254,653 $247,511 $245,687 $242,811