Response to the following problem:
Luxury Rides Taxi Service must replace cars every 5 years at a cost of $450,000. The company is considering depositing $4,000 at the end of each month at 9% per year compounded monthly. Confirm your answer using EXCEL. Will they meet the target with this strategy? Explain. If your answer is no, what size deposits should they be making instead?
Make sure you use enough details to support your answer.