Son Future

You have a newborn son. You want to plan for his future and there are 3 things that you would like to be able to give him. At the age of 16, you want to buy him a car, which will cost $20,000. At the age of 18, you would like to send him to college, costing $25,000 each year for 4 years. At the age of 23, you would like to be able to help him start a new business costing you $30,000. You plan to start on his 1st birthday making annual deposits through his 16th birthday. Assuming a 10% interest rate, how much money will you need to deposit each year to be able to meet these financial goals? (Hint: You need to find the PV of FV cash flow needs today (t=0) using the CF function on your calculator and then solve for the 16 payments.)