529 sales slow in third quarter
According to Financial Research Corporation, assets in all 529 savings plans grew 5% during the third quarter of 2004, from $43 billion at June 30 to $45.1 billion at September 30. Assets grew 55% from the year-ago level of $29.1 billion. Net new contributions in Q3 2004 were $2.2 billion, compared with $2.9 billion in Q2 2004 and $2.9 billion in Q3 2003. Net contribution for the first three quarters of of 2004 were $9.2 billion, up 21 percent from the same period in 2003.
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