Question

Bob and Janeare saving to buy a boat at the end of 5 years. If the boat costs $25,000, and they can earn 8 percent a year on their savings, how much do they need to put aside at the end of every year 1 through 5? Round off your final answer to three digits after the decimal point.

Answer 1

Answer:

8% ayear =$\frac{8}{100} X25000=2000$⇒

every year they can put 2000 up til the 5th year

$=10000$ at the end of the 5th year

so they need to add 15000 plus  from their 8% yearly savings before they can buy the boat⇒

That is 10.000$

Step-by-step explanation: