PLEASE SHOW ALL WORK AND FORMULAS, DON'T USE EXCEL. IF YOU USE A FINANCIAL CALCULATOR PLEASE PUT ALL STEPS FOR ENTERING INTO THE CALCULATOR AND WHICH MODES IT NEEDS TO BE ON.

Question 29 Samuel's Dad is looking to deposit a sum of money immediately into an account that pays an annual interest rate of 9.00% so that his first-year college tuition costs are provided for. Currently, the average college tuition cost is $16,000 and is expected to increase by 3.00% per year (the average infiation rate). Samuel just turned 1 and is expected to start college when he turns 18. How much money will Samuel's Dad have to deposit into the account