11.

Accumulating a growing future sum Personal Finance Problem A retirement home at Deer Trail Estates now costs $153,000. Inflation is expected to cause this price to increase at 5% per year over the 23 years before C. L. Donovan retires. If Donovan earns 11% on his investments, ow large must an equal, end-of-year deposit must be to provide the cash needed to buy the home 23 years from now? The equal, annual end-of-year deposit to be made each year into the account is $ . (Round to the nearest cent.)