Saxon & Sons took out a loan for specialized manufacturing equipment requiring 12 large loan payments in the future. The company will make the first loan payment of $16411 at the end of year 10, with each subsequent payment decreasing by 12%. The company would like to save for these large loan payments by making 9 equal deposits at the end of each year (beginning in year 1) What amount must the company deposit each year in order to make the future loan payments? Assume an interest rate of 5% compounded annually Note: The first loan payment will be made at the end of year 10. The company will make a total of 12 loan payments. The first deposit will be made at the end of year 1. The company will make a total of 9 deposits Enter your answer as follows: 1234 Round your answer. Do not use a dollar sign ("$"), any commas(") or a decimal point" Saxon & Sons took out a loan for specialized manufacturing equipment requiring 12 large loan payments in the future. The company will make the first loan payment of $16411 at the end of year 10, with each subsequent payment decreasing by 12%. The company would like to save for these large loan payments by making 9 equal deposits at the end of each year (beginning in year 1) What amount must the company deposit each year in order to make the future loan payments? Assume an interest rate of 5% compounded annually Note: The first loan payment will be made at the end of year 10. The company will make a total of 12 loan payments. The first deposit will be made at the end of year 1. The company will make a total of 9 deposits Enter your answer as follows: 1234 Round your answer. Do not use a dollar sign ("$"), any commas(") or a decimal point