A father is planning a savings program to put his daughter through university. She is 13, Annuity she plans to enroll in 5 years, and she should graduate after 4 years. Currently, the annual Payments cost (for everything-food, clothing, tuition, books, transportation, and so forth) is $15,000, but these costs are expected to increase by 5% annually. Assume that all amounts will be paid at the start of the year. She now has $7,500 in a university savings account that pays 6% annually. The father will make six equal annual deposits into her account; the first deposit today, and the sixth on the day she starts university. How large must each of the six payments be?