Problem $3-$

Score: $/12$ points

A couple wants to begin saving money for their child's education. They estimate that $$10,000$ will be needed on the child's $18$ th birthday, $$12,000$ on the $19$ th birthday, $$14,000$ on the $20$ th birthday, and $$16,000$ on the $21$ st birthday. Assume an $8\%$ interest rate with only annual compounding. What uniform annual amount would the couple have to deposit each year on the child's first $($note: a child's "first birthday" is celebrated one year after the child is born$)$ through seventeenth birthdays to accumulate enough money to cover the estimated college expenses? You must draw the cash flow diagram.