The father makes a money saving plan to prepare his daughter for college. His daughter is now 13 years old. Expected to go to university in 5 years and the duration of university is 4 years. Currently the cost of studying each year is 12,500 USD, this cost is expected to have an annual inflation rate of 5%. The girl has just received the inheritance of her grandfather 7,500 USD. This money is to cover part of the cost of studying by depositing it in a bank with an interest rate of 8%/year, compounding interest once a year. The rest of the cost the father will take care of by depositing equal savings, totaling 6, between now and when his daughter goes to college. These deposits also enjoy an interest rate of 8%/year