(Compound annuity)

You plan on buying some property in Florida 10 years from today. To do this, you estimate that you will need $50,000 at that time for the purchase. You would like to accumulate these funds by making equal annual deposits in your savings account, which pays 8 percent annually. If you make your first deposit at the end of this year, and you would like your account to reach $50,000 when the final deposit is made, what will be the amount of your deposits?

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

$ ???