Question: Question 3 20 pts You would like to purchase a vacation home in 15 years. The current price of such a home is $275,000 but

Question 3 20 pts You would like to purchase a vacation

Question 3 20 pts You would like to purchase a vacation home in 15 years. The current price of such a home is $275,000 but the price of these types of homes is rising at a rate of 3% per year. How much would you have to invest in years 1 to 5, (the same amount in each year) in nominal terms to exactly pay for the vacation home if your investments earn 5% APR (compounded annually) in nominal terms? O $47,601 O $47,139 0 $46,215 0 $44,869 0 $48,553

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