Question: Suppose you want to save for a down payment on a house, and you plan to save $1,500 per month for the next 3 years.

Suppose you want to save for a down payment on a house, and you plan to save $1,500 per month for the next 3 years. You want to invest the money in a mutual fund that has an average annual return of 7%. How much will you have saved at the end of the 3-year period?

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