Accumulating a growing future sum

Personal Finance Problem

A retirement home at Deer Trail Estates now costs $128,000. Inflation is expected to cause this price to increase at 6% per year over the 25 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 25 years from now?

The equal, annual end-of-year deposit to be made each year into the account is ___. (Round to the nearest cent.)