To pay for your? child's education, you wish to have accumulated ?$16000 at the end of 13 years. To do? this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 12 percent compounded? annually, how much must you deposit each year to obtain your? goal?
The amount of money you must deposit each year in order to obtain your goal is ?$______. ? (Round to the nearest? cent.)