1. John wants to have a set amount of 50,000 saved in 8 years time. He plans to do this by making equal annual payments into a savings account, starting in one year's time.

   The interest rate he can earn on the savings account is 4% per annum.

   Calculate the annual payment amount that John must make to reach his savings goal (to the nearest euro).

   		6,250
   		11,096
   		7,426
   		5,427