Time Value Of Money: Mr. And Mrs. Pribel Wish To Purchase A Boat

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Mr. and Mrs. Pribel wish to buy a boat in 8 years when they retire. They are planning to purchase the boat using proceeds from the sale of their property. Currently, its worth is $90,000 and its value is growing at 7 percent a year. The current cost of a boat is $200,000 increasing by 5% per year. In addition to their property, how much additional money should they deposit at the end of each year in an account paying 9% annual interest to buy the boat upon requirement?

Given the Price of the boat Increasing Price after Years

Price = 200,0005%8$295,491.09 Price of the Property Increasing Price after Years. Price = 90,0007%8$154,636.76 Extra money required Money.

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