Assume that you plan to buy a condo 5 years from now, and you estimate that you
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Assume that you plan to buy a condo 5 years from now, and you estimate that you can save $2,500 per year. You plan to deposit the money in a bank account that pays 4% interest, and you will make the first deposit at the end of the year. How much will you have after 5 years? How much will you have if the interest rate is increased to 6% or lowered to 3%?
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Fundamentals Of Financial Management
ISBN: 9780357517574
16th Edition
Authors: Eugene F. Brigham, Joel F. Houston
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