Today is Rachels 30^th birthday. Five years ago, Rachel opened a brokerage account when her grandmother gave her $25,000 for her 25^th birthday. Rachel added $2,000 to this account on her 26^th birthday, $3,000 on her 27^th birthday, $4,000 on her 28^th birthday, and $5,000 on her 29^th birthday. Rachels goal is to have $400,000 in the account by her 40^th birthday.

Starting today, she plans to contribute a fixed amount to the account each year on her birthday. She will make 11 contributions, the first one will occur today, and the final contribution will occur on her 40^th birthday. Complicating things somewhat is the fact that Rachel plans to withdraw $20,000 from the account on her 35^th birthday to finance the down payment on a home. How large does each of these 11 contributions have to be for Rachel to reach her goal? Assume that the account has earned (and will continue to earn) an effective return of 9 percent a year.

a. $17,065.59

b. $11,536.20

c. $16,331.81

d. $17,223.30

e. $19,115.67