You want to buy a small yacht in 8 years. The yacht's price now is $115,000 but is increasing at a 4 percent rate per year. How much money would you have to put into an investment today (lump sum) that is expected to earn 14% per year if you wanted to be able to afford the yacht in 8 years? A. $40,314 B. $45,882 C. $51,227 D. $55,173 E. $59,368

You want to buy a small yacht in 8 years. The yacht's price now is $115,000 but is increasing at a 4 percent rate per year. How much money would you have to put into an investment today (lump sum) that is expected to earn 14% per year if you wanted to be able to afford the yacht in 8 years? A. $40,314 B. $45,882 C. $51,227 D. $55,173 E, $59,368