You want to have $25,000 in your savings account eight years from now, and you%u2019re prepared to make equal annual deposits into the account at the end of each year.

Required:

If the account pays 4.75 percent interest, what amount must you deposit each year? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)