(Answered)-You want to buy a Nissan 350Z on your 27th birthday. You have - (2025 Updated Original AI-Free Solution

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Question

You want to buy a Nissan 350Z on your 27th birthday. You have priced these cars and found that they currently sell for $39388. You believe that the price will increase by 2.44% per year until you are ready to buy. You can presently invest to earn 7.16%. If you just turned 20 years old, how much must you invest at the end of each of the next 7 years to be able to purchase the Nissan in 7 years?