You want to have $300,000 in real terms 7 years from now. You expect inflation over that time period to be 4% per year. Your investments earn 7% 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 5 if inflation turns out to what you expected?

$48,279

$48,279

$39,289

$38,503

$46,845

$47,801