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3. Annuity A newborn baby's parents want to have $160,000 saved for college by the baby's 18 th birthday and they will start saving on

3. Annuity A newborn baby's parents want to have $160,000 saved for college by the baby's 18 th birthday and they will start saving on the first birthday. They plan to save the same amount each year on the baby's birthday and earn 8% per year on their investments. How much do they have to save each year to reach that goal? (Note that $160,000 is NOT the value as of today)

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