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You need to accumulate $80,831 for your son’s education. You have decided to place equal year-end deposits in a savings account for the next 16 years. The savings account pays 13.00 percent per year, compounded annually. How much will each annual payment be? Round the answer to two decimal places.

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You need to accumulate $80,831 for your son’s education. You have

decided to place equal year-end deposits in a savings account for the next 16 years. The savings account pays 13.00 percent per year, compounded annually. How much will each annual payment be?
Round the answer to two decimal places.

 
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