EXAMPLE 2.1.8 (SOA SAMPLE Q89): College tuition costs 2,000 for the current school year, payable in full at the beginning of the school year. College tuition will grow at an annual rate of 6%. A parent creates a college savings fund earning interest at an annual effective rate of 8%. The parent deposits 600 at the beginning of each school year for 5 years, with the first deposit made at the beginning of the current school year. Immediately following the 5 th deposit, the parent pays tuition for the 5 th school year from the fund. In addition to the balance in the fund, the amount of money needed to pay tuition at the beginning of the 6 th school year is X. Calculate X