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Shondra wishes to accumulate a college fund for her daughter by making seventeen equal annual deposits...

Shondra wishes to accumulate a college fund for her daughter by making seventeen equal annual deposits beginning on the daughter's first birthday. The fund will be used to make four annual tuition payments beginning on the daughter's eighteenth birthday.

The first tuition payment will be $15,000, with subsequent payments increasing by 8% each year. Shondra earns interest on her investment at a 5% effective annual rate.

Determine the minimum amount of her annual deposit.

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