Break even point equation

• You want to give £1,000 to somebody as a

21st birthday present. The person in question
is just about to turn 16. A savings scheme
offers a guaranteed interest rate of 3 per cent
for the next five years, provided you save the
same amount at the beginning of each year.
What should this amount be so that you end
up with £1,000?
 182.9 1.159274 5 212.0312

182.9 1.125509 4 205.8556

182.9 1.092727 3 199.8598

182.9 1.0609 2 194.0386

182.9 1.03 1 188.387

1000 0 1 0 0

914.5 1000.172

5.467469