Sue is planning a savings program to put her son, Alex, through university. Alex is 10 and plans to enroll in university in 8 years, graduating 4 years later. Sue estimates the annual cost will be $20,000 when Alex starts university, but these costs are expected to increase by 5% annually. Assume that all amounts needed for university will be paid at the start of the year. Sue now has $5,000 in a university savings account that pays 6% compounded annually. In addition, she will make eight equal annual deposits into this account; the first deposit one year from today, and the eighth on the day Alex starts university. How much does each deposit have to be?