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Raj has a goal of buying a boat in 10 years. The boat he wishes to purchase costs $65,000 today. He assumes that prices (inflation)

Raj has a goal of buying a boat in 10 years. The boat he wishes to purchase costs $65,000 today. He assumes that prices (inflation) will generally increase by 2% per year for the foreseeable future. He currently has $10,000 in his savings account. Raj plans to deposit $8,000 per year for the next 4 years. He will not be able to deposit further funds during Years 57 due to other commitments. Assuming he earns a 6% annual return on his savings, what must his annual equal payments be for the last 3 years so that he will be able to purchase his boat?

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