Assume that it is ten years from now and you have a newborn child. Since you have such fond memories of University, you start an education savings fund for your child. The projection is that the annual cost for University, when your child starts University when they are 18, will be $50,000 per year. Although the cost for the first year is expected to $50,000, that cost is expected to increase at a rate of inflation of 4% per year. The first tuition payment will be made in 28 years from today (or 18 years from the day your child is born). As you believe your child will be academically talented, you expect them to get a Masters degree and thus they will be in University for 7 years and you will need to make 7 annual tuition payments. To pay for this education, you plan on making 18 equal annual deposits into a savings account. Your first deposit will be 1 year after your child is born, and the last deposit will be on the day that they start University, on their 18^th birthday. The day of your last savings deposit will also be the day that the first tuition payment is due. If the discount rate is 9.76% sa (semi-annual compounding), how much must your first deposit be in order to pay for your childs University education? You can round any interest rate conversions to the nearest XX.XX% (that is, two decimal places when expressed as a percent).