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Goran plans to set aside money for his young daughter's college tuition. He will deposit money in an ordinary annuity that earns 4.2% interest, compounded

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Goran plans to set aside money for his young daughter's college tuition. He will deposit money in an ordinary annuity that earns 4.2% interest, compounded monthly. Deposits will be made at the end of each month. How much money does he need to deposit into the annuity each month for the annuity to have a total value of $72,000 after 16 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary. refer to the stor financial formulas. X 5

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