How large an equal annual end-of-year deposit must be

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Question: Accumulating a growing future sum Personal Finance Problem A retirement home at Deer Trail Estates now costs $144,000. Inflation is expected to cause this price to increase at 6?% per year over the 21 years before C. L. Donovan retires. How large an equal annual end-of-year deposit must be made each year into an account paying an annual interest rate of 9% for Donovan to have the cash to purchase a home at retirement? The equal, annual end-of-year deposit to be made each year into the account is $_________? (Round to the nearest cent.)

Reference no: EM131931984

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