Question 12

The Kellys are planning for a retirement home. They estimate they will need $150,000 4 years from now to purchase this home. Assuming an interest rate of 9%, with four equal amounts being deposited at the beginning of the period. What amount must be deposited at the beginning of each period? (Round factor values to 5 decimal places, e.g. 1.25124. Round answers to the nearest whole dollar, e.g. 5,275.)

Amount deposited each year______?