5. Sam wants to save money to meet two objectives. First, he would like to buy a fishing boat 5 years from today at an

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answerhappygod
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5. Sam wants to save money to meet two objectives. First, he would like to buy a fishing boat 5 years from today at an

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5. Sam wants to save money to meet two objectives. First, he would like to buy a fishing boat 5 years from today at anestimated cost of $15,000.
Second, he would like to retire 20 years from now and have aretirement
income of $50,000 per year for at least 20 years. Sam canafford to save only $10,000 per year for the first 10 years.
He expects to earn 8% per year on average from his savings overthe next 40 years.
What must his minimum yearly savings be for the second 10 yearsto meet his objectives?
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