oncept Test 3. From the NY Times on January 22, 2015: "President Obama is proposing a radical change to the 529 college savings plans held by millions of families, which would require those who use them to rethink their approach to college savings. As part of his plan to simplify the tax code and help the middle class, one of the 529 plan's most attractive benefits would be eliminated: Money could no longer be withdrawn tax-free. (The new rules would apply only to new contributions.) The accounts, many of which are run by the states, allow people to make contributions that grow tax-free. The money can be withdrawn without the paying of capital gains taxes as long as the proceeds are used for education expenses. Many states provide state income tax deductions for contributions as well." Assuming there is no change to borrowing preferences in the economy and no change to the government budget, show what effect this proposed change would have on the market for loanable funds. Be sure to label all axes and lines as well as your initial equilibrium (before the change) as point A and be sure to label your ending equilibrium (after the change) as point B. Also denote changes to the interest rate and the quantity of loanable funds with arrows