Problem: A contractor knows that she must replace her forklift in 12 years at an estimated cost of $195,000. She plans to start making deposits into a bank account at the beginning of the year three years from now and continue until the end of the eighth year (seven equal payments). How much money should she deposit in each of the seven years, at an interest rate of 6%, to have the needed $195,000 at the end of the 12 years?