Size of yearly deposit word problem

[Sue0113]

You currently have $4000 saved towards the purchase of a new car. You want to be able to buy a car for $15000 in 4 years.
Your money is earning 5% compounded yearly. What is the size of your yearly deposit?
Is this an Ordinary Simple Annuity? What formula would I use? Is the 4000.00 subtracted from 15000 when you start?
fv=pmt[(1+i)^n-1] / i

 

[Sue0113]

Is this correct?

so then 4 equal deposits = 15,000 - 4000(1.05)^4
= 15,000 - 4000(1.21550625)
= 15,000- 4862.03
= 10137.97
= 10,137.97 / 4 = 2534.49

therefore you would gain 862.03 on the 4000.00 deposit and you would have to make deposits of 2534.49 each year for for 4 years to have 15,000

 

[Sue0113]

so then the formula would be

10137.97 =E1+E2+E3+E4
10137.97 =(1.05)^-1 +(1.05)^-2 + (1.05)^-3 + (1.05)^-4
10137.97 =(.952380952) + (.907029478) + (.863837598) + (.822702474)
10137.97 = 3.545950502
= 2859.02
So payments are $2859.02

 

[Sue0113]

Don't know cause that is not a formula I have

What kind of formula is this?
D=10137.97 x .05 / .21550625
D=506.90/.21550625
D=2352.13
So the Deposits would be $2352.13.