Silvia expects to receive $800,000 5 years from now. A bank will provide her a saving...

 

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Silvia expects to receive $800,000 5 years from now. A bank will provide her a saving plan at that time with 3% annual interest rate and she wants to grow this amount to cover the 10% down payment and 5% closing cost of the borrowed amount for a property that is expected to be value at $9,000,000 in future. How many years will it be until this occurs from now? (7 points) Silvia expects to receive $800,000 5 years from now. A bank will provide her a saving plan at that time with 3% annual interest rate and she wants to grow this amount to cover the 10% down payment and 5% closing cost of the borrowed amount for a property that is expected to be value at $9,000,000 in future. How many years will it be until this occurs from now? (7 points)

Answer rating: 100% (QA)

To determine the number of years it will take for Silvias 800000 to grow to cover the down payment a... View the full answer