This set of problems is designed to be calculated using the Excel or financial calculator. Do not use financial tables to calculate these problems....

This set of problems is designed to be calculated using the Excel or financial calculator. Do not use financial tables to calculate these problems.

Big Brothers, Inc. borrows $429,994 from the bank at 7.16 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 5 years. How much will each annual payment be?

Round the answer to two decimal places.