How much money do you need to put away each year

Assignment Help Financial Management

Reference no: EM131451047

You want to buy a car in five years and a boat in ten years. Today, the car and boat cost $5,000 and $10,000, respectively. The price of the boat and car will grow by 3% each year. How much money do you need to put away each year (equal payments at the end of the year) for the next three years, to have enough money saved to buy the boat and car? You will receive 10% interest compounded annually.

Reference no: EM131451047

Questions Cloud

About the asset liquidity of apple relative to? dell : In April? 2013, Dell had a quick ratio of 1.13 and a current ratio of 1.19. What can you say about the asset liquidity of Apple relative to? Dell? ?

Describe the methods of providing mental health care : Describe the methods of providing mental health care in prison settings

What is the present value? of this? investment : What is the present value? (PV) of this? investment, given that the interest rate is 5?% per? year?

Will the dol plan hold up in court : In response to the Drug-Free Workplace Act, the Department of Labor (DoL) instituted its Drug-Free Workplace Plan.

How much money do you need to put away each year : How much money do you need to put away each year (equal payments at the end of the year) for next three years, to have enough money saved to buy boat and car?

Discuss the relationships between race and socioeconomic : Discuss the relationships between race and socioeconomic status in the context of the epidemiology of mental health

Discuss the highlights of the auditors report : What are the main strategic issues associated with the company that you have chosen?Discuss the way in which your chosen company has attempted to establish.

Analyzing and interpreting restructuring costs : Analyzing and Interpreting Restructuring Costs and Effects - Compute the price to net income ratio for both Kohl's and Wal-Mart.

What aspect of speech sound is the primary factor : What aspect of speech sound is the primary factor in determining if one perceives the /ba/ sound or the /pa/ sound

User Account

All Pages