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 23 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.)