Kim Taek Sung plans on buying some property in Pusan, Korea, 5 years from today. To do this, he estimates that he will need $40,000 at that time for the purchase.

He would like to accumulate these funds by making equal annual deposits in his savings account, which pays 11 percent annually.

If he makes the first deposit at the end of this year, and he would like the account to reach $40,000 when the final deposit is made, what will be the amount of his deposits?