Susan has just had her 40th birthday. She has two children. One will go to college 8 years from now and require four year beginning-of-year payments for college expenses, $13,000, $13,500, $14,500, and $15,500. The other will go to college 14 years from now and require four year beginning-of-year payments for college expenses, $16,000, $17,500, $19,000, and $20,500. In addition, Susan plans to retire in 20 years. Susan wants to be able to withdraw $75,000 per year (at the end of each year) from an account for 30 years. The first withdraw occurs on her 61st birthday. What equal, annual, end of-year amount must Susan save for each of the next 20 years to meet these goals if all savings earn a 14% annual rate of return?

$10,729.15

$9,671.23

$35,124.21

$8,139.31