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In five years, Joe wants to buy a boat that costs $75,000 in todays dollars. He can earn 8% return on his investments and he

In five years, Joe wants to buy a boat that costs $75,000 in todays dollars. He can earn 8% return on his investments and he expects the boat to increase in price by 3% each year. What will Joes serial payment at the end of the second year be, if he wants to buy the boat in 5 years?

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