Michael White is planning to save up for a trip to Europe in three years. He will need $7,000 when he is ready to make the trip. He plans to invest the same amount at the end of each of the next three years in an account paying 5 percent. What is the amount that he will have to save every year to reach his goal of $7,000 in three years? (Round answer to 2 decimal places, e.g. 5,275.25.) Cash flows $