Q Search this 05: End of Chapter Problems - Time Value of Money ck to Assignment Attempts Average/1 40. Problem 5.40 (Required Annuity Payments) allok Afather is now planning savings program to put his daughter through colege. She is 13, plans to enroll at the university in 5 years, and the should graduate 4 years later. Currently, the annual cost for everything food, clothing, tuition, books, transportation, and so forth) is 519,000, but these costs are expected to increase by 6% annually. The college requires total payment at the start of the year. She now has $9,500 in a college savings account that paysannually. Her father will make sx equal anual deposits into her account the first deposit today and with on the day she starts college. How large must each of the six payments be? (Hint: Calodate the cost (inflated to%) for each year of college and find the total present value of those costs, discounted at, as of the day she enters college. Then find the compounded value of her in 9.500 on the same day. The difference between the of costs and the amount that would be in the savings account must be made up by the father's deposits so find the six equal payments that will compound to the routed amount.) Do not round intermediate calculations. Round your answer to the nearest dollar Grade it Now Save Continue Continue without saving