To buy a new boat larry is planning to accumulate money by, Finance Basics

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To buy a new boat larry is planning to accumulate money by

Question: To buy a new boat, Larry is planning to accumulate money by investing his Christmas bonuses for the next five years in a security which pays a 10 percent annual rate of return. The boat will cost $25,000 at the end of the fifth year and Larry's Christmas bonus is $4,000 a year. Will Larry accumulate enough money to buy the boat? How much additional will he either need or have?

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