33. Problem 5.40 (Required Annuity Payments) eBook A father is now planning a savings program to put his daughter through college. She is 13, plans to enroll at the university in 5 years, and she should graduate 4 years later. Currently, the annual cost (for everything food clothing, tuition, books, transportation, and so forth is $20,000, but these costs are expected to increase by 5% annually. The college requires total payment at the start of the year. She now has $6,000 n a college savings account that pays 7% annually. Her ather will make six equal annual deposits into her account the first deposit today and s n on the day she starts college. o ar e must each oft e sxpa ments be? Do not round intermediate calculations Round your ans er to the nearest dollar. Hint: Calculate the cost inflated at 5% for each year of colege and find the total present value of those costs discounted at as of the day she enters college. Then find the compounded value of her initial $6,000 on that same day. The difference between the PV of costs and the amount that would be in the savings account must be made up by the father's deposits, so find the six equal payments that will compound to the required amount.)