(Annuity payments) To pay for your child's education, you wish to have accumulated $16,000 at the end of 14 years. To do this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 7 percent compounded annually, how much must you deposit each year to obtain your goal? The amount of money you must deposit each year in order to obtain your goal is $. (Round to the nearest cent.)