(Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated $20,000 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 $ (Round to the nearest cent.)