I am trying to figure out this problem dealing with a college savings plan for my kids.
Its currently September.....my kids are 14,13, and twins at 11. They are all planning on going to college in September of the year they turn 18. We estimate that tuition will cost 5642 per year for each of their four years of college assuming 0% inflation. We want to calculate our savings plan with a 3% annual interest rate compounded monthly.
How much should I save each month in my savings plan?