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A retirement home at Deer Trail Estates now costs $183,000. Inflation is expected to cause this...

A retirement home at Deer Trail Estates now costs $183,000. Inflation is expected to cause this price to increase at 7​% per year over the 16 years before C. L. Donovan retires. If Donovan earns 9​% on his​ investments, how large must an​ equal, end-of-year deposit must be to provide the cash needed to buy the home 16 years from​ now?

The​ equal, annual​ end-of-year deposit to be made each year into the account is $

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