Your company is growing by leaps and bounds and are you doing a good job in your strategic planning. You have decided that your company will need to purchase a new backhoe in three years. How much money do you need to set aside today to purchase a new piece of equipment in three years? The money is expected to earn 9% interest compounded annually, the marginal tax rate is 35%, and the price of the equipment is expected to increase by 3% per year. When you checked the equipment Manufacturers catalog this morning, the backhoe was listed at $75,000.