You are saving up for a new boat and plan to purchase it 4 years from now. You estimate the total cost of your boat will be $24,000. Your bank provides 3% interest on your saving goals. How much money will you need to to save to each year in order to meet your goal?

Also, if you want to save $24,000 in 4 years, why is the answer not simply $6,000 per year?