Mr. Richardson is planning to set up a college fund for his grandson. Mr. Richardson wants to pay his grandson's tuition fees of $5,000 each year for four years. If he saves an equal amount each year, the first deposit is made one year from now. Interest rates will remain constant at 8 percent. How much must Mr. Richardson save each year? If his grandson goes to college at 18 years and tuition fees are paid once a year at the beginning of the year