You want to have $300,000 in real terms 5 years from now. You expect inflation over that time period to be 2% per year. Your investments earn 4% APR (nominal) compounded annually. Based on your expectations, you construct a growing nominal annuity to meet your investment target. What is the nominal cash-flow you would have to deposit in year 3 if inflation turns out to what you expected?

$61,836

$56,539

$61,836

$60,000

$61,224

$57,693