How much money needs to be set aside every year
Problem
How much money needs to be set aside every year, for the next 10 years, to purchase a crane? The money is expected to earn 7% interest compounded annually and yearly inflation is expected to be 4%. The present cost of the crane is $300,000.
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How much money needs to be set aside every year, for the next 10 years, to purchase a crane? The money is expected to earn 7% interest compounded annually.
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