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A retirement home at Deer Trail Estates now costs $183,000. Inflation is expected to cause this price to increase at 5% per year over the

A retirement home at Deer Trail Estates now costs $183,000. Inflation is expected to cause this price to increase at 5% per year over the 17 years before C. L. Donovan retires. If Donovan earns 11% on his investments, ow large must an equal, end-of-year deposit must be to provide the cash needed to buy the home 17 years from now?

The equal, annual end-of-year deposit to be made each year into the account is

$

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