Jamie Lee knows how hard it is to go to school, take on debt, and try to fulfill her dreams. Her sister, Rebecca, recently had a baby girl named Alexis. Jamie Lee would like to set aside a small amount per month towards Alexis's education expenses. Jamie Lee realizes this will not cover all of the costs but, she wants to help in a small way.

After researching college costs and investments, Jamie Lee has the following information:

Current cost of college education: $40,000 per year

(Alexis will attend college in 18 years for 4 years.)

Expected annual inflation: 3%

Expected rate of return on investment: 9%

Use the table below to determine the estimated annual deposit needed to achieve the education fund.