cation fund for your child. The current cost for college 7 You plan to establish a college education fund for your child. The 000 per vear and you expect this cost to increase by $600 per year. You plan to deposit money into an account earning 10% yearly nominal interest, compounde monthly, at the end of each year for the next 17 years. You will withdraw the ar required for college in the end of years 18 to 21 to pay for college for years 18 to 21. respectively. You would like to deposit a low initial amount, which you plan to increase at a rate of $50 per year. How much is your first deposit (end of year 1) to this account? HINT: Equate the present value of the cost of college to the present value of your savings