Assume your child has just been born and you are planning for his college education. Based on your wonderful experience in Finance at Carleton, you decide to send him to Carleton University. You anticipate the annual tuition at that time to be $$50,000$ per year for the four years of university. You plan on making equal deposits on your child's birthdays for age one through seventeen inclusive to fund his education. Assume the first tuition payment is due exactly $18$ years from today and the expected return is $10\%$ APR

with quarterly compounding over this period. Calculate the annual deposit.$(7$ marks$)$