You have just invested $3,000 into an account that will earn a 9% APR compounded monthly. You want to have exactly $8,000 in the account at the end of 5 years. The account allows you to make one deposit at the end of the first year. In order to have exactly $8,000 at the end of year 5, how much must you deposit at the end of the first year?

Solution is $2,307.49.

Please provide step by step solutions