Your daughter is 10 years old and you are planning to open an account to provide for her college education. Tuition for one year of college is now $15,000 and is expected to increase at the rate of 5% per year. You find an account paying interest rate 8% per year (starting at the beginning of the year 1) through to year 4 . You will make constant annuity contributions at the beginning of each year for the first four years. At the beginning of year 5 (end of year 4) you want to arrive at account value corresponding to half of your year 8 tuition objective. In years 5,6,7, and 8 , your annual rate of return is bumped up to 11% and you will make the remaining payments at the end of each year. You decide to also increase the amount of your contributions by 1% each year, starting at the end of year 5. Assume that the accumulated account value at the end of year 4 will grow at an annual rate of 11% over each of the next four years. Calculate (i) the constant annuity contribution, C14, in the first four years, and (ii) C5, the initial value of your growing annuity from year 5 , that will allow you to reach your saving objective. Hint: for your growing annuity in the last four years, your target future value will be reduced by compounded value of contributions in the first four years. a. C14=$2277;C5=$1118 b. C14=$2277;C5=$1583 c. C14=$2277;C5=$2065 d. C14=$2459;C5=$1583 e. C14=$2459;C5=$2065