Ronald Zoller is planning to retire at the end of the current year. He estimates that he will need $18,000 a year for the next 15 years to meet his needs. Assuming the appropriate interest rate is 8%, how much should Zoller deposit December 31 of the current year in order to be able to withdraw $18,000 at the end of each of the next 15 years?

Table I used to solve this problem

Table factor I used to solve this problem

Final answer