<PRE><B>Question 1207353</B>
use the formula for the future value of a series of payments,  compounded annually. 

The formula is:

FV = P * ((1 + r)^n - 1) / r

FV is the future value of the annuity =$10,000),

P is the annual deposit, 

r is the annual interest rate  =0.024

n is the number of years 5 years
Rearrange the formula for P

P = FV * r / ((1 + r)^n - 1)
Plug the values

P = 10000 * 0.024 / ((1 + 0.024)^5 - 1
Use calculator to find the annual deposit


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