Meat Murray wishes to buy a boat in five years that presently costs $145,000.He expects the cost
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Meat Murray wishes to buy a boat in five years that presently costs $145,000.He expects the cost of the boat to increase due to inflation by 1.8% per year for the next two years and 3% per year the following three years.He also wants to spend $50,000 per year for 6 years beginning at the end of 10 years from today.How much must he save each year for the next 5 years if he can earn 8% on his investments?(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 1,532.16.)
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