14. Ms. Smith has two grandchildren. Adam and Evelyn. Adam will be enrolling in college on September 1, 2003, and Evelyn will be enrolling in college on September 1, 2005. Ms. Smith wishes to give both Adam and Evelyn $1,000 at the beginning of each of their four years of college. Ms. Smith will fund these payments by making five level annual deposits of P into an account earning at annual effective interest rate of 7%, with the first deposit on September 1, 1998. Determine the value of P. Answer: P = 1103.46