1. A father is planning to provide a 20-year trust fund for his son Dominic. The amount deposited today will remain untouched until the end of the 20^th year, but will gain interest at a rate of 8 percent compounded annually. The money will then be transferred to another account, which pays 6 percent.The intent is that Dominic will withdraw the money in six equal annual payments of $4,000 each beginning at the end of year 20. The fund, which will help to pay for his higher education will be completely depleted after six payments. What amount should Dominic's father deposit today?

The first issues is I don't know what formula to use. But Could you walk me how to solve this step by step?