One of your clients wishes to discuss the investment of $60,000. the client wants to begin saving for college for his three young children and wishes to get the most growth and the best possible tax advantages. he is in the highest tax bracket and will be in his late forties when two of the three children will begin college. in the event that any of the children decide that they do not wish to go to college, the client does not want the children to have access to the funds. how should this client invest the money?

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Annuity payments are assumed to come at the end of each payment period (termed an ordinary annuity). however, an exception occurs when the annuity payments come at the beginning of each period (termed an annuity due). what is the future value of a 13-year annuity of $2,800 per period where payments come at the beginning of each period? the interest rate is 9 percent. use appendix c for an approximate answer, but calculate your final answer using the formula and financial calculator methods. to find the future value of an annuity due when using the appendix tables, add 1 to n and subtract 1 from the tabular value. for example, to find the future value of a $100 payment at the beginning of each period for five periods at 10 percent, go to appendix c for n = 6 and i = 10 percent. look up the value of 7.716 and subtract 1 from it for an answer of 6.716 or $671.60 ($100 × 6.716)