A man wants to help provide a college education for his young daughter. He can afford to

Question:

A man wants to help provide a college education for his young daughter. He can afford to invest $600/yr for the next 4 years, beginning on the girl's fourth birthday. He wishes to give his daughter $4000 on her 18th, 19th, 20th, and 2Pt birthdays, for a total of $16,000. Assuming 5% interest, what uniform annual investment will he have to make on the girl's 8th through 17th birthdays? (Answer: $792.73)