We are expected to be familiar with Annuities . . .
Mr. Liang wishes to accumulate $100,000 in a college fund for his newborn daughter.
He wishes the money to be available to her on her eighteenth birthday.
The fund has an annual effective interest rate of 4%.
If Mr. Liang plans to make equal annual contribution beginning on his daughter's first birthday
and ending on her eighteenth birthday, calculate the size of the annual contribution.
We have: .