Accumulating a growing future sumPersonal Finance Problem A retirement home at Deer Trail Estates now costs $191,000. Inflation is expected to cause this price to increase at 5% per year over the 21 years before C. L. Donovan retires. If Donovan earns 12% on his investments, ow large must an equal, end-of-year deposit must be to provide the cash needed to buy the home 21 years from now?

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