Annuity payments 9

Annuity payments- You plan to buy some property in Florida 8 years from today. To fo this , you estimate that you will need $30,000 at that time. You would like to accumulate these funds by making equal annual deposits into your savings account, which pays 16% annually. If you make your first deposit at the end of this year, and you would like your account to reach $30,000 when the final deposit is made, how much will you have to deposit into the account annually???

The amount of money you will have to deposit into the account annually is ???

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