I am saving to go on a big vacation in 5 years and will need $25,000. At the end of each of the next 5 years, I am going to deposit an equal amount into a savings account paying 3% annual return in order to have the money I need for the vacation. Identify the details below that I need in order to determine the dollar amount I must deposit each year to achieve my goal.

What table must I use to find the relevant factor?

1. Future value of single-sum
2. Present value of single-sum
3. Future value of ordinary annuity
4. Present value of ordinary annuity

What is the interest rate to find the relevant factor?

What are the number of periods (n) to find the relevant factor?

What is the dollar amount I must deposit each year?