You will deposit $150 each of the next five years (the first deposit will occur one year from today, and there will be a total of 5 equal deposits) into an account that pays a 8.31% effective annual rate. Six years from today, you wish to have exactly $1000 in the account. You would need to deposit an additional $_______ into the account six years from today to meet that goal.

Hints: Make a timeline! There are many ways to solve this problem, so you should be able to verify your answer by trying a different solution method. I recommend making sure you can solve this problem by starting it as an annuity problem, as that will reinforce your understanding of how annuity timing works.

Margin of error for correct responses: +/- .05