Determining Loan Repayments

Jerry Rockness needs $40,000 to pay off a loan due on December 31, 2028. His plans included the making of 10 annual deposits beginning on December 31, 2019, in accumulating a fund to pay off the loan. Without making a precise calculation, Jerry made 3 annual deposits of $4,000 each on December 31, 2019, 2020, and 2021, which have been earning interest at 10% compounded annually.

Required: What is the equal amount of each of the next 7 deposits for the period December 31, 2022, to December 31, 2028, to reach the fund objective, assuming that the fund will continue to earn interest at 10% compounded annually? Round your answer to two decimal places.