Miguel plans to set aside money for his young daughter’s college tuition. He will deposit money in an ordinary annuity that earns 5.4% interest, compounded annually. Deposits will be made at the end of each year.

How much money does he need to deposit into the annuity each year for the annuity to have a total value of $73,000 after 16 years?

Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the