1. You want to buy a Toyota Prius on your 27th birthday. You have priced these cars and found that they currently sell for $30,000. You believe that the price will increase to $36,000 in seven years when you are ready to buy. You can presently invest to earn 11 percent. If you just turned 20 years old, how much must you save at the end of each of the next 7 years to be able to purchase the Toyota Prius in 7 years? (show your work and justify your answer.)