Question: * The answer is not 6 7 , 1 3 9 * You have a savings goal to purchase a house in 5 years. However,
The answer is not You have a savings goal to purchase a house in years. However, you want minimize your
mortgage payments as much as possible. You decide to set a lofty goal to put down $
when its time to purchase. To achieve this, you plan to make a onetime lump sum investment
now and let it grow over the year period. The bank offers a special plan for first time home
buyers that offers an annual interest rate of with the interest being compounded monthly.
What initial lump sum amount do you need to invest today to ensure that your investment
grows to $ in years? round to the nearest dollar $
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