Carlos has always dreamed of opening a caf by the seaside. He decides he will save to help open the caf by depositing money in an ordinary annuity that earns

2.4% interest, compounded annually. Deposits will be made at the end of each year. How much money will he need to deposit into the annuity each year for the annuity to have a total value of $25,000 after 8 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.