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Question: jane is a newborn her parents are planning to contribute...

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Jane is a newborn. Her parents are planning to contribute $4,000 a year (or possibly less) towards her college fund into an account that will grow at a constant rate of 4.5% a year. Both parents work for the same company that offered to match parental contributions dollar for dollar for the first 5 parental deposits and 30 cents for every parental dollar for subsequent parental deposits, until Jane reaches 19. Once she reaches 19, both the company and parents stop their contributions. College costs are expected to be $40,000 a year and Jane spends 4 years in college once she reaches 19. Assume that the beginning balance on the account is $25,000 What is the smallest amount parents should contribute each year to make Jane's college affordable?

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