Nancy recently received $250,000 from her mother’s life insurance policy. She wants to use a portion of the money to fund her son’s college education that currently costs $10,000 a year and she anticipates an 8% yearly increase. Nancy can earn 7% on her investments and the overall inflation rate is 3%. Nancy’s son will start school in 8 years and it will take him 5 years to complete his undergraduate degree. Approximately how much money should Nancy contribute to a 529 Plan today to fund her son’s college education?