Amys uncle died recently and left her some money in a trust that will pay her $500
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Amy’s uncle died recently and left her some money in a trust that will pay her $500 per month for five years starting on her 25th birthday. Amy is getting married soon, and she would like to use this money as a down payment on a house now. If the trust allows her to assign its future payments to a bank, and her bank is willing to discount them at 9% compounded monthly, how much will she have toward her down payment on home ownership? Amy just turned 23.
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