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Market value of the boat

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Suppose that you are planning for retirement. You plan to work for 30 years. For the next 15 years, you can save $5,000 per year (with the first deposit being made one year from now), and at the end of that time (t=15) you want to buy a boat that will cost $50,000. How much will you have to save per year in years 16 through 30 so that you have exactly $500,000 saved up when you retire? Assume that the market value of the boat at t=30 is zero and that the interest rate is 10 percent per year.

Reference no: EM132783114

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