You want to have $$67,000$ in your savings account $8$ years from now, and you're prepared to make equal annual deposits into the account at the end of each year. If the account pays $7\mathrm{.}3$ percent interest each year, what amount must you deposit each year?

NOTE: You are exchanging cash today for a series of cash flows. This is an annuity problem $($chapter $6)$ where we the value of the annuity is defined at the END of all the cash flows, so use the future value of an annuity equation, $F{V}_A=C\frac{(1+r{)}^N-1}{r}.$ You already know what the annuity is targeted to be worth in the future $(F{V}_A),$ the number of payments $(N),$ as well as the discount rate $(r).$ You only need to calculate $C,$ the size of the cash flow.

Multiple Choice

$$6,460\mathrm{.}13$

$$4,891\mathrm{.}01$

$$8,375\mathrm{.}00$

$$4,890\mathrm{.}98$

$$11,378\mathrm{.}99$