Please show work

This assignment was locked Feb 13 at 11:59pm. Beth & Ed Carlton want to begin some serious financial planning to fund the future education costs of their 3-year old son, Matthew. They assume that Matthew will attend Ed's alma mater, AB College (ABC), beginning 15 years from today. Current tuition at ABC is $11,500 per year. Current room & board costs at ABC are about $6,000 per year. The only investment Beth & Ed have made to pay for Matthew's college costs are 10 zero-coupon bonds that they purchased when Matthew was born. The face amount of each bond is $1000. The bonds were originally purchased for $490 each with an original maturity of 18 years. They are now scheduled to mature 15 years from today. The Carlton's have asked you to help them plan for the costs of Matthew's future college education, In your conversations with Beth & Ed, they told you they want to accumulate all the needed funding by the time Matthew enters college so that they can begin to save extra for their retirement while Matthew is in college. They also told you that Ed's father (Jim Carlton) wants to help pay for Matthew's college education. 5) After evaluating the entire situation, Beth & Ed decide they will try to accumulate the equivalent of $100,000 in today's dollars by the end of 15 years to help pay for Matthew's college costs. They want to do so through 15 annual deposits, starting immediately. The size of each annual deposit will be 5% higher than the previous one. This corresponds with the expected annual inflation rate and annual increase in the Carlton family income during that period. They have decided to place the deposits in a mutual fund you recommended. The compound annual after-tax rate of return from your recommended fund is expected to be 7%. Based on these assumptions, how large should the initial deposit be? $