An investment firms offers its customers a 30-year savings plan in an IRA account with the following terms:

7% interest for the first five years, 9% interest for the next 15 years, and 6% interest for the final ten years.

The deposits in the plan are annual with the first deposit scheduled a year from today.

The annual deposits are a fixed amount during the 30-year period.

The balance of the account will be paid in full at the end of the 30-year plan.

Question 4: Kate celebrates her 5 years birthday today. Her parents want to save for 4 years of her college expense, starting at age 18. In other words, on her birthdays 18, 19, 20, 21, they plan to take out $30,000 to pay for the college tuition. How much money her parents have to save each year on her birthday of age 5,6,7,......to 17. Assume the investment return is 5% per year. Also provide an education saving sinking fund chart.