Benjamin is now planning a savings plan to put his son through university. His son is 13 years old, plans to enroll at the university in 5 years, and should graduate 4 years later. Currently, the annual cost (for everything-food, clothing, tuition, books, transportation, and so forth) is $15,000, but these costs are expected to increase by 5% annually. The college requires total payment at the start of the year. His son now has $7,500 in a college savings account that pays 6% annually. Benjamin will make six equal annual deposits into his account. The first deposit today and the sixth on the day she starts college. How large must each of the six payments be?
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