Ted Davis has set the goal of accumulating $80,000 for his son's college fund, which will be

Question:

Ted Davis has set the goal of accumulating $80,000 for his son's college fund, which will be needed 18 years in the future. How much should he deposit each year in a sinking fund that earns 8% annual interest? How much should he deposit each year if he waits until his son starts school (at age six) to begin saving? Compare the two payment amounts?