Today is your childs first birthday. You anticipate that when your child attends college, the

full cost of tuition for their freshman year will be $75,000 and that this cost will increase by

4% per year for each following year. You would like to begin saving money today, and each

birthday up to and including your childs 18th birthday, to fund your childs education. If the

account in which you will be saving earns interest at a rate of 8%, compounded annually, what

amount must be deposited each year (equal deposits), starting today, such that the balance on

the account is sufficient to cover four years of college tuition expenses. Tuition for your childs

freshman year will be due on their 19th birthday.