A young couple just had their first baby and they wish to ensure that enough money will be available to pay for their childs college education. The current cost (t = 0) of tuition, books and living expenses is $ 40000 per year, and they assume this cost to increase 3.0 % per year for the foreseeable future. The couple wants to save enough to make four payments, the first being on their childs 18th birthday and the last on their childs 21st birthday (t = 18 to 21). Assume that the college savings fund earns 5.0 % per year compounded annually. The couple plans to start saving immediately (t = 0) and keep saving the same amount every year until the babys 17th birthday (t = 17). How much would they have to save each year (t = 0 to 17) to reach their goal? (Dollar figures should be approximated to the nearest cent of a dollar, while rates should be expressed in percentage terms without using the "%" symbol and approximated to the nearest second decimal place.) (1 point)