Frank wants to purchase a Ferrari in 5 years, which costs $300,000 in todays dollars. He wants to save enough money to be able to buy it without taking out a loan. He can earn 7% on his investments and expects inflation to be 3% per year. What serial payment should Frank make into his investment account at the end of the second year to be able to purchase the Ferrari in 5 years? Serial payments are to be made at the end of each year.