Suppose we deposit P dollars. What we can work out is P by considering the interest that is being compounded annually.
After the first year, we would have compounded our deposited amount once:
Using the amount we have in our bank, we compounded it a second and third time:
Let our third year cash be 35 000 to pay off the car.
Thus, P = $31, 476.67, which is the deposit that you need to make on the day.