Question 15

(Annuity payments) To pay for your child's education, you wish to have accumulated $14,000 at the end of 8 years. To do this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 7 percent compounded annually, how much must you deposit each year to obtain your goal? The amount of money you must deposit each year in order to obtain your goal is $. (Round to the nearest cent.)