Annuity payments) To pay for your​ child's education, you wish to have accumulated
​$14,000
at the end of
13
years. To do​ this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay
7
percent compounded​ annually, how much must you deposit each year to obtain your​ goal?
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Part 1
The amount of money you must deposit each year in order to obtain your goal is
​$enter your response here.
​ (Round to the nearest​ cent.)