Question: Cant figure out this hw question... please explain how you got answer thank you so much!! Loretta would like to send her daughter on a

Cant figure out this hw question... please explain how you got answer thank you so much!!

Loretta would like to send her daughter on a European trip when she graduates from college. She has priced the trip at $25,000 and she has 4 years to accumulate this money. Requirement 1: How much must Loretta deposit annually in an account paying 9 percent interest per year in order to have enough money to send her daughter on the trip? Assume that she wants the annual deposits to be of equal amount. (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Amount $

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