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You and your spouse are planning on taking a three-week Mediterranean cruise in 4 years. The cruise costs exist4, 100 per person today, and you
You and your spouse are planning on taking a three-week Mediterranean cruise in 4 years. The cruise costs exist4, 100 per person today, and you have already saved exist2,000 towards this goal. Assume the price of the tickets will increase 7.00 percent annually, and you can invest your savings at a 5.00 percent annual rate. How much will you need to save annually in order to afford the cruise in 4 years? What amount would you have to save monthly? What is the future value of the cost of the cruise in 4 years for both you and your spouse?exist How much will you need to save per year in order to afford the cruise in 4 years?exist How much will you need to save per month in order to afford the cruise in 4 years?exist
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