James Smith is a high school sophomore. He currently has $7,500 in a savings account that pays 5.00 percent annually. James plans to use his current savings plus what he can save over the next four years to buy a car. He estimates that the car will cost $12,580 in four years. How much money should James save each year if he wants to buy the car? (Round factor values to 6 decimal places, e.g. 1.521253 and the final answer to 2 decimal place e.g. 15.25.)

SHOW ALL WORK BY HAND, NO EXCEL OR FINANCIAL CALCULATOR