Question: Alan has just started work and he has been wanting to buy a sleek power boat for some time. Rather than purchase and finance now,

Alan has just started work and he has been wanting to buy a sleek power boat for some time. Rather than purchase and finance now, he plans to save money and buy it with cash. He plans to deposit a fixed amount every month into a bank account that pays 3% a year, compounded monthly. His first deposit will be made a month from now. How much must each deposit be, if he is going to buy the boat in 5 years and the boat will cost $80,000 then? (5 points)

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