You plan to buy a boat in 10 years for no more than $22,000. If interest rates a

Question

You plan to buy a boat in 10 years for no more than $22,000. If interest rates are running 8% annually, calculate how much you need to put away each year using the following methods:

a. Long-hand formula (Do not round intermediate calculations. Round final answer to 2 decimal places.) You plan to buy a boat in 10 years for no more than $22,000. If interest rates are running 8% annually, calculate how much you need to put away each year using the following methods: Long-hand formula (Do not round intermediate calculations. Round final answer to 2 decimal places.) Reference table. Use Table A-3. (Round final answer to 2 decimal places.) Financial calculator (Round your answer to 2 decimal places.)

Explanation / Answer

a. 47496 $

b.47494

c. 47496.35 $

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