dollar. A father and mother are planning a savings program to put their daughter through college. Their daughter is now 12 years old. She plans to enroll at the university when she is 18 and it should take her 4 years to complete her education, Currently, the cost per year (for tuition, etc.) is $14,500, but a 3.5 percent inflation rate in these costs is forecasted. The cost for each year of college will be withdrawn when she turns 18, 19, 20, and 21. The daughter received $9,000 at age 2 and another $1,100 at age 9 from her grandmother, this money, which is invested in an account earning 8.2 percent interest compounded annually, will be used to help meet the costs of the daughter's education. The rest of the costs will be met by money the parents will deposit in the savings account. They will make 5 equal annual deposits to the account, with the first deposit being made today on her 12th birthday and the last one being made on her 16th birthday. These deposits will also earn 8.2 percent interest compounded annually. How large must each deposit (from the parents) be in order to put the daughter through college? (Round cash flows to nearest dollar throughout.) a $6,335 $4,755 TT c. $5,145 2 3 4 5 6 7 12 11 12 1310 111 11721 d. $7,936 9000 e. $5,5491 6 1 100 T. 14,500 (1.035 = 17824.20223 Ta 14,500 (1.035)' = 18449.04931 T3 14,500 (1.035) - 19093.73104 14 14,500 1.9 3) (7640 164 npv(8-2,0 217824.20323, 18448-04931, 19093.7310419 762. 02) - 57045.36774 po : 3+ 41.083 60062 PV 1082110 -2235.826154 72 772. 34215 61723.0879