Accumulating a growing future sumPersonal Finance ProblemA retirement home at Deer Trail Estates now costs $137,000. 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 9% on hisinvestments, ow large must anequal, end-of-year deposit must be to provide the cash needed to buy the home 23 years fromnow?

Theequal, annualend-of-year deposit to be made each year into the account is $_____. (Round to the nearestcent.)