Laura and Tommy want to make sure their newborn can attend

college. They have seen estimates that the four$-$year cost of in$-$

state colleges will be $$160,000$ in $18$ years. They ask their

financial advisor $($they obviously didn't take this course$)$ how much

they need to save in an annuity each year over that time if they

invest at a fairly low$-$risk rate of six percent. What was the

advisor's answer $($rounded to the nearest dollar$)?$ Hint: remember

that discounting is the inverse of compounding.