You have just had your first child and want to fund his college education. You anticipate that he will start college in 18 years. You estimate by then you will need $20,000 a year to cover instate tuition at UMass Boston, and other expenses. You are hoping your son will only take four years to complete his education. You therefore are planning on having to provide $10,000 every six months for four years beginning 18 years from today. You cannot afford to start saving today, but will begin making yearly deposits 3 years from today, with your last deposit being the year before the first withdrawal of $10,000. The appropriate discount rate is 6% compounded monthly. How much do you need to deposit each year?