How much money needs to be set aside today to purchase a new piece of equipment in five years? The money is expected to earn 5% interest compounded annually and the price of the equipment is expected to increase by 2% per year. The present cost of the equipment is $100,000.
How much money needs to be set aside today to purchase a new piece of equipment in three years? The money is expected to earn 9% interest compounded annually and the price of the equipment is expected to increase by 3% per year. The present cost of the equipment is $75,000.
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