2. You want to have enough money in the bank to pay for your daughters education when the time comes. You expect to make 4 annual payments for college, with the first payment in 10 years. The first payment will be for $50,000 and each subsequent payment will be 5% higher than the previous payment. If you expect to earn 5% a year on your deposits, how much do you need in the bank now to ensure you will have the desired amount to fund your daughters education? (8 points)