Wendell, who celebrates his 2nd birthday today, will begin college at age 18. Wendell’s parents, Simon and Naomi, want to begin a college education savings program for Wendall. Currently, college costs are $30,000 per academic year The couple assumes that college costs will increase at a rate of 3% annually from now until Wendell enters college. They also assume they can achieve an after-tax rate of return of 7.5% annually on funds earmarked for this goal. They expect Wendell will attend college for 4 years. What is the payment that must be made at the end of each year until he enters college at age 18?