financial management

b. Mr. & Mrs. Amirul 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 percent a year. The boat is currently worth RM200,000 increasing at 5 percent per year. In addition to the value of their property, calculate how much additional money should they deposit at the end of each year in an account paying 9 percent annual interest in order to be able to buy the boat upon retirement