Rolando Lpez began saving for his retirement when he was 30 years old. He estimated that after pensioner could live comfortably on $12,000 a year for 15 years, and furthermore, the law allowed he retire at age 67. Interest rates were high when he started and he couldn't foresee as well. anticipated what was happening, but he thought that 8% compounded annually was a conservative estimate. If you started the pension fund with a deposit of $1,500. How much would you have to deposit each year until you reach the 67 years of age to have enough money for your retirement?