A father is saving to put his daughter through college. She is 5 years old, will enroll in 13 years, and should graduate 4 years after that. Assume all college costs are paid upfront at the beginning of the year annually. Currently, college costs $18,000 per year, but is expected to increase 3% per year. He currently has $10,000 saved and his account earns 8% annually. He plans on making 13 equal deposits starting one year from today. How large must each payment be? Answer with 2 decimals (ex. $1,000.00).

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