(Solving

for PMT of an

annuity)

To pay for your child's education, you wish to have accumulated

$11,000

at the end of

8

years. To do this you plan on depositing an equal amount into the bank at the end of each year. If the bank is willing to pay

6

percent compounded annually, how much must you deposit each year to reach your goal?

To reach your goal, your annual deposit must be

$nothing .

(Round to the nearest cent.)