You want to buy your partner a painting for their 50th birthday which is in 6 years time. Your partner's favourite artist currently sells their paintings for $35672. An art valuer believes that the price of this artist's work will increase by 4.1% per year until you are ready to buy. If you can presently invest to earn 13 % (after-tax), how much must you invest at the end of each year to be able to purchase the painting on their 50th birthday?
Answer Investment at the end of... View the full answer