How much must he save each year for the next five years if, Financial Management

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How much must he save each year for the next five years if

Using Excel functions, determine the correct values/solution:

Meat Murray wishes to buy a boat in five years that presently costs $120,000. He expects the cost of the boat to increase due to inflation by 2% per year for the next two years and 4% per year the following three years.

He also wants to spend $75,000 per year for six years beginning at the end of 10 years from today.

How much must he save each year for the next five years if he can earn 7% on his investments? (Round Your Answer to 2 Decimal Places

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