A couple is saving for the college education of their newborn daughter. They estimate that college expenses will run TL 100,000 per year when their daughter reaches college in 18 years. The annual interest rate over the next few decades will be 10%. How much money must they deposit in the bank each year so that their daughter will be supported entirely through four years of college? Assume that the four-year college expense is constant. 10% TABLE 15 Discrete Cash Flow: Compound Interest Factors Single Payments Uniform Series Payments Arithmetic Gradients 10% Compound Present Sinking Compound Amount Worth Fund Amount n F/P P/F A/F F/A Capital Present Recovery Worth A/P P/A Gradient Gradient P/G Present Worth Uniform Series A/G 1 1.1000 0.9091 1.00000 1.0000 1.10000 0.9091 2 1.2100 0.8264 0.47619 2.1000 0.57619 1.7355 0.8264 0.4762 3 1.3310 0.7513 0.30211 3.3100 0.40211 2.4869 2.3291 0.9366 4 1.4641 0.6830 0.21547 4.6410 0.31547 3.1699 4.3781 1.3812 5 1.6105 0.6209 0.16380 6.1051 0.26380 3.7908 6.8618 1.8101 6 1.7716 0.5645 0.12961 7.7156 0.22961 4.3553 9.6842 2.2236 7 1.9487 0.5132 0.10541 9.4872 0.20541 4.8684 12.7631 2.6216 8 2.1436 0.4665 0.08744 11.4359 0.18744 5.3349 16.0287 3.0045 9 2.3579 0.4241 0.07364 13.5795 0.17364 5.7590 19.4215 3.3724 10 2.5937 0.3855 0.06275 15.9374 0.16275 6.1446 22.8913 3.7255 11 2.8531 0.3505 0.05396 18.5312 0.15396 6.4951 26.3963 4.0641 12 3.1384 0.3186 0.04676 21.3843 0.14676 6.8137 29.9012 4.3884 13 3.4523 0.2897 0.04078 24.5227 0.14078 7.1034 33.3772 4.6988 14 3.7975 0.2633 0.03575 27.9750 0.13575 7.3667 36.8005 4.9955 15 4.1772 0.2394 0.03147 31.7725 0.13147 7.6061 40.1520 5.2789 16 4.5950 0.2176 0.02782 35.9497 0.12782 7.8237 43.4164 5.5493 17 5.0545 0.1978 0.02466 40.5447 0.12466 8.0216 46.5819 5.8071 18 5.5599 0.1799 0.02193 45.5992 0.12193 8.2014 49.6395 6.0526 19 6.1159 0.1635 0.01955 51.1591 0.11955 8.3649 52.5827 6.2861