Practice question:

A father is now planning to save money for her daughters' university fees. She plans to enter university in 5 years time. She will then take 4 years to graduate. Currently, the annual university fees are $15000, but they will increase by 5% annually. Fees must be paid at the start of the school year. She now has $7500 in a savings account that pays 6% annually. Suppose the father makes 5 equal annual deposits into her accountthe first today and the fifth in Year 4. How large must each deposit be?

Please give complete step by step expanation and reason why.