1. Suppose you wish to plan for your childs college tuition payment. You intend to make quarterly deposits into an account offering 6% annual rate compounded quarterly on the childs 4th through 15th birthdays. You are planning to keep the money in the bank until your child is ready to enter college on his 18th birthday. You expect that tuition payments will be $25,000 per quarter by the time the child is ready to enter college. Therefore, your goal is to make sixteen withdrawals of $25,000 each starting on the childs 18th birthday each withdrawal to be used for one quarters tuition. How much must each of the quarterly deposits be such that there will be enough money accumulated in the account to exactly meet the goal? Assume that the interest rate remains at 6% compounded quarterly throughout the entire period. [Suggestion: Draw the cash flow diagram to aid you in solving this problem.]