Jan wants to plan for her daughters education. Her daughter, Rachel was born one year ago and will go to college at age 18 for five years. Tuition is currently $20,000 per year, in todays dollars. Jan anticipates tuition inflation of 5% and believes she can earn an 9% return on her investment. How much must Jan save at the end of each year, if she wants to make her last payment at the beginning of her daughters first year of college?

Question 21 options:

	$4,930
	$5,060
	$5,651
	$5,760
	None of the above.