Mr. Parker is creating a college fund for his daughter. He plans to make 13 yearly payments with the first payment of $4000 today on his daughters fifth birthday and to increase each payment by 5%. Also, He would expect to earn a 10% annual return on his investment and his daughter will need four withdrawals from this account to pay for her education beginning when she is 18 (i.e. 18, 19, 20, 21).

If the cost of college education would increase by 3% each year, how much would she have on her first year of college career?