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After meeting with their new financial planner, the Richard family has decided to invest $1,400 each month into a 529 for their four-year-old daughter Kiera.
After meeting with their new financial planner, the Richard family has decided to invest $1,400 each month into a 529 for their four-year-old daughter Kiera. The Richards expect Kiera to attend Florham College. The current tuition is $55,000 per year, education inflation is expected to be 5.75%, and the anticipated rate of return on their 529 is 7.5%. Kiera will attend school beginning at 18 years old for four years. Using these facts, calculate to determine whether the current investment plan ($1.400 monthly deposits) will meet the education savings goal. O A) Fall short of the goal by $55,575 OB) Exceed the goal by $17,542 O C) Fall short of the goal by $42,252 OD) Exceed the goal by $1,554
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