Congratulations! Today your first child was born - a daughter. The second thought in your head after her birth was that you must now start saving for college expenses. You would like to be able to afford to send her to college by her 18th birthday. College is expected to cost her/you $21 thousand, $22 thousand, $26 thousand, and $29 thousand for each of her four years of school, respectively (i.e., in that order). You want these amounts to be available to her on her 18-21st birthdays, respectively (i.e., $21 thousand withdrawn on her 18th birthday, $22 thousand withdrawn on her 19th birthday, and so on...). In addition, you want to give her a $21 thousand graduation gift on her 22nd birthday so that she can get a good start on her career or in graduate school (or potentially partially fund a wedding, etc.). You currently have $2 thousand to meet these obligations. You want to save an equal amount at the end of each of the next 22 years to meet the remaining obligations. How much must you save at the end of each of the next 22 years so that you can meet these obligations? Assume your investments will earn 7.5% annually, and ignore the effect of taxes. Provide your answer to the nearest dollar (in other words, if your answer is one million dollars, then input 1,000,000 or 1000000).
