You want to have $55,000 in your savings account 6 years from now, and you're prepared to make equal annual deposits into the account at the end of each year.

Required:

If the account pays 6.7 percent interest per year, what amount must you deposit each year?

Multiple Choice

• $7,747.12

• $3,685.02

• $9,166.67

• $11,401.08

• $3,684.97