Abe will need $16,000 per year for four years to pay for tuition. How much will Abes parents have to invest at the end of each year for the 8 years before he begins his studies if their savings earn compound interest at 6 percent per year? Assume the tuition payments occur at the end of each year. (Round answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.)

Annual savings

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