A large building HVAC system has an estimated life expectancy of 12 more years. Replacement at that time is expected to cost $350,000. The building engineer is considering a plan to set aside equal annual deposits into a fund bearing 8 percent annual interest so that $350,000 will be on hand in 12 years. If he is ready to make a deposit right now, what equal amounts should he deposit now and for each of next twelve years?