You want to buy a new boat in 3 years that will cost 5000, Finance Basics

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You want to buy a new boat in 3 years that will cost 5000

Question: You want to buy a new boat in 3 years that will cost $5,000. You can earn 5% interest on your money (compounded quarterly). Mom offers to give you a lump sum today for the boat. How much does mom need to give you today so you can have $5,000 in 3 years? Please show work.

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Finance Basics: You want to buy a new boat in 3 years that will cost 5000

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