Eighteen Years from Now I Will Need to Have $120,000

Multiple Choice

Eighteen years from now I will need to have $120,000 to pay for my child's post-secondary education. I anticipate being able to earn 14% compounded annually for the first 10 years and 11% compounded annually for years #11 through #20. What amount of money should I invest today in order to meet my goal?

A) $14,046
B) $16,380
C) $21,750
D) $29,600
E) $30.790