Question: Krista is doing some long - term financial planning. She has made it a goal to have ( $ 9 7 , 8

Krista is doing some long-term financial planning. She has made it a goal to have \(\$ 97,854\) saved by the end of year 16. Today, Krista deposited \(\$ 36,509\) into an account paying \(3\%\) compounded annually. At the end of year 5, she will withdraw \(\$ 23,300\) to payoff a loan. Krista anticipates receiving a substantial inheritance of at least \(\$ 86,505\) at the end of year 8. She knows she will need to deposit part of the inheritance to reach her financial goal of \(\$ 97,854\) by the end of year 16, but she would like to use the rest of the inheritance to do some remodeling on her house. How much of the inheritance can Krista use towards remodeling in year 8?
Hint: Read the problem carefully. This is not asking how much to deposit in year 8.
Krista is doing some long - term financial

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