A family is planning for a new born child's university education. They are estimating the child will need $50,000 per year for 4 years and will start university studies after turning 18. They are looking to set up an education fund with annual contributions so that funds are available when the child starts college at 18 years of age. If interest rate is 5% p.a., how much will they have to contribute to the fund annually to meet their goal