(Compound

annuity)

You plan on buying some property in Florida

12

years from today. To do this you estimate that you will need

$30,000

at that time for the purchase. You would like to accumulate these funds by making equal annual deposits in your savings account, which pays

13

percent 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, what will be the amount of your deposits?

The amount of your end-of-year deposits will be.....?