You plan to buy some property in Florida $5$ years from today. To do$$ this, you estimate that you will need $$$$24,000$ at that time. You would like to accumulate these funds by making equal annual deposits into your savings$$ account, which pays $16$ percent annually. If you make your first deposit at the end of this$$ year, and you would like your account to reach $$$$24,000$ when the final deposit is$$ made, how much will you have to deposit into the account$$ annually?

Part $1$

The amount of money you will have to deposit into the account annually is