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Your san 7 ommy was just born foday ( Year O ) , and vou are planning for his college education. You would the to

Your san 7ommy was just born foday (Year O), and vou are planning for his college education. You would the to make equal deposits every 26 weeks (assume a 52-week year) into a college savings account starting in Year 1 and ending in Year 21(a total of 41 deposits), so that Tornmy can make annual withdrawals in Year 18,19,20, and 21 for tuition. Tuition is currently Mear o) $2,900/year, and it is expected to grow at 4%/year for each of the next 10 years, and then at 5%/year for all years after. You can earn a nominal annual rate of 8.45%, with interest compounded weekly (52-week year) in a college savings account. How much must each of the 41 deposits be to exactly fund the expected tuition expense?
527787
320449
5258.02
5248.10
5287.80
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