On his son's fifth birthday, a man decides to deposit a certain amount which will be equivalent to 28,000 with today's purchasing power of the peso on his son's eighteenth birthday when he starts his...

On his son's fifth birthday, a man decides to deposit a certain amount which will be equivalent to 28,000 with today's purchasing power of the peso on his son's eighteenth birthday when he starts his college education. If the bank pays 5 1/2% interest compounded annually but the rate of inflation is 8.7% compounded annually, how much should the man deposit now?