Make deposits into account at beginning of each of five year

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Ronnie wants to buy a car upon graduating from college. Ronnie's grandmother has agreed to make deposits into an account at the beginning of each of the next five years in order to give this car as a graduation gift. Ronnie plans to graduate at the end of five years from today, and Ronnie's grandmother is going to make the deposits into an account earning 3%, with the first deposit made today. What deposit amount will be necessary to provide Ronnie with $50,000 to buy a car upon graduation? Round to the nearest dollar:

Reference no: EM131323910

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