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Debbie plans to buy a house for cash instead of paying a mortgage. She is willing to set aside $12

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Debbie plans to buy a house for cash instead of paying a mortgage. She is willing to set aside $12 000 at the end of each year for 15 years. She puts her savings in a Tax Free Savings Account (TFSA) and invests them in a high risk mutual fund, which has traditionally earned 9.2% annually. Money decreases in value by 2.5% per annum. How much will Debbie have saved after 15 years?

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PMT 12 000 k 2 5 i 9 2 n …View the full answer


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Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0134141084

11th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs

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Question Posted: November 29, 2017 06:47:52
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