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b) Mr. & Mrs. Rashan wish to purchase a boat in 8 years when they retire. They are planning to purchase the boat using proceeds

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b) Mr. & Mrs. Rashan wish to purchase a boat in 8 years when they retire. They are planning to purchase the boat using proceeds from the sale of their property which is currently worth RM90,000 and its value is growing at 7% a year. The boat is currently worth RM200,000 increasing at 5% per year. In addition to the value of their property, how much additional money should they deposit at the end of each year in an account paying 9% annual interest in order to be able to buy the boat upon retirement? (4 Marks)

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