Your parents want to have $40,000 saved for your university education in 5 years. Your parents will deposit the same amount in the bank each year for five years to achieve their goal (i.e., they will make five yearly deposits of equal amount). The first deposit will take place one year from today. They will earn 6% on their investments. How much will they need to deposit each year so that they will have $40,000 saved for your university education in 5 years (i.e., at the end of year 5)?