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 7% per year over the 17 years before C. L. Donovan retires. If Donovan earns

9% on his investments, ow large must an equal, end-of-year deposit must be to provide the cash needed to buy the home 17 years

from now?

The equal, annual end-of-year deposit to be made each year into the account is $

(Round to the nearest cent.)