Consider bringing as many cash flows

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Reference no: EM131530401

Suppose you need to have $40,000 to buy a new car in 8 years. You plan to raise this amount by investing $3,000 this year, $1,000 next year and then an equal amount each year from years 4 to 7. Solve for the unknown amount you need to invest each year in years 4 to 7 if you expect to earn 7%. (HINT: Consider bringing as many cash flows as you can to the same point in time). Year 3 is 0. I need to do this in Excel

Reference no: EM131530401

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