Question: Bill wants to buy a car when he turns 21 years old. Today is his 14^th birthday. He figures that he will require $28,000 on his 21^st birthday. Currently Bill has $3,000 in his bank account. The interest rate payable on his bank account over the period in question is 7% per year. How much will Bill need to deposit on each birthday, starting on his 15^th birthday and including his 21^st birthday, to meet his goal of $28,000?