(Answered) You want to buy a friends vintage 1980 hyundai in seven

Engineering

You want to buy a friend's vintage 1980 Hyundai in seven years. The car is currently selling for $50,000, and the price will increase at a compound rate of 10% per year. You can presently invest in high-yield bonds earning a compound annual rate 14% per year. How much must you invest at the end of each of the next seven years to be able to purchase your dream car in seven years?

a. $8,831.46
b. $9,080.20
c. $9,125.42
d. $9,282.09

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