Mojo is saving for a European holiday in 4 years. He estimates that he will need $5,229 to cover his airfare and all other expenses for a week-long holiday. If he can invest his money in an ASX500 equity index fund that is expected to earn an average return of 12.4 per cent over the next 4 years, how much will he have to save every year, starting at the end of this year?