The cost of a four-year private college education (after financial aid) has been estimated to be $50,000.† How large a trust fund, paying 4% compounded quarterly, must be established at a child's...

The cost of a four-year private college education (after financial aid) has been estimated to be $50,000.† How large a trust fund, paying 4% compounded quarterly, must be established at a child's birth to ensure sufficient funds at age 18? (Round your answer to the nearest cent.)

$____________